Homework Answers
Question 1
| L | Q | MPL | VMPL | W | Marginal Profit = W - VMPL |
| 0 | 0 | - | - | 325 | 325 |
| 1 | 200 | 200 | 400 | 325 | 75 |
| 2 | 350 | 150 | 300 | 325 | -25 |
| 3 | 475 | 125 | 250 | 325 | -75 |
| 4 | 575 | 100 | 200 | 325 | -125 |
MPL = Change in Q / Change in L
If Price drops to $2, then 1 worker will be hired because at this level of labor, VMPL >= Wage
Option 1st is correct
Question 2
At P = 2 and L = 1, Marginal Profit = Wage - VMPL
Marginal Profit = 325 - 400 = 75
Option 1st is correct
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A company operates in a perfectly competitive market, selling
each unit of output for a price of $20 and paying the market wage
of $330 per day for each worker it hires.
In the following table, complete the column for the value of the
marginal product of labor (VMPL) at each quantity of workers.
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(Number of workers)
(Units of output)
(Units of output)...
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A company operates in a perfectly competitive market, selling
each unit of output for a price of $20 and paying the market wage
of $330 per day for each worker it hires.
In the following table, complete the column for the value of the
marginal product of labor (VMPL) at each quantity of workers.
Labor
Output
Marginal Product of Labor
Value of the Marginal Product of Labor
(Number of workers)
(Units of output)
(Units of output)...
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