Use Table: Production and Revenue. The table shows the number workers and the total production of a firm in a competitive market. Use the table to answer the following questions:
a. Fill in the missing numbers in the table.
b. If the wage that is determined by the labor market is $12, then how many workers should the firm hire?
c. If the firm is currently hiring six workers, then what can you say about the equilibrium wage rate in the labor market? Justify your answer.

Question

Use Table: Production and Revenue. The table shows the number workers and the total production of a firm in a competitive market. Use the table to answer the following questions:
  a. Fill in the missing numbers in the table.
b. If the wage that is determined by the labor market is $12, then how many workers should the firm hire?
c. If the firm is currently hiring six workers, then what can you say about the equilibrium wage rate in the labor market? Justify your answer.

Quizplus · Accepted Answer

The Answer of Use Table: Production and Revenue. The table shows the number workers and the total production of a firm in a competitive market. Use the table to answer the following questions:
  a. Fill in the missing numbers in the table.
b. If the wage that is determined by the labor market is $12, then how many workers should the firm hire?
c. If the firm is currently hiring six workers, then what can you say about the equilibrium wage rate in the labor market? Justify your answer.