Question

Fill in the empty cells in the following table. Wage Rate (Dollars) Total Labor Cost (Dollars) Workers Marginal Factor Cost (Dollars) 1 15.00 15.00 2. 15.20 30.40 3 15.40 4 16.20

Answer 1

As per Chegg's policy, i am answering only the first question. Also, your second question does not have complete information regarding the unions and the quantity of labour available.

Answer 1

The formulae for calculating the wage rates, total labour cost and marginal factor cost are as follows:

Total labour cost = Wage Rate * Number of workers employed

Marginal Factor cost = Total labour costn  - Total labour costn-1 , where n is number of workers employed ​​​​​

All the missing values can be found by using just these two formulae:

WORKERS WAGE RATE ($) TOTAL LABOUR COST ($) MARGINAL FACTOR COST ($)

1   15   15 15

2 15.20 30.40 15.40

3 15.40 46.20 15.80

4 15.60    62.40 16.20