(Table: The Market for Power Tools, Marginal Revenue Product of Labor and Demand) Use Table: The Market for Power Tools, Marginal Revenue Product of Labor and Demand. In the table, the total product of labor is shown for the hourly production of power tools. Assume that the market for power tools is perfectly competitive. The price of a power tool is $2, the market wage rate is $40 per hour, and eight workers are hired. Profit can be maximized by hiring _____ worker(s). $${ \begin{array} { l }
\text { Table: The Market for Power Tools, } \
\text { Marginal Revenue Product of Labor and } \
\text { Demand }\
\end{array} } \
\begin{array} { | l | l | }
\hline \text { Quantity of Labor } & \text { Total Product } \
\hline 0 & 0 \
\hline 1 & 20 \
\hline 2 & 50 \
\hline 3 & 90 \
\hline 4 & 120 \
\hline 5 & 140 \
\hline 6 & 150 \
\hline 7 & 150 \
\hline 8 & 140 \
\hline
\end{array}$$

Question

(Table: The Market for Power Tools, Marginal Revenue Product of Labor and Demand) Use Table: The Market for Power Tools, Marginal Revenue Product of Labor and Demand. In the table, the total product of labor is shown for the hourly production of power tools. Assume that the market for power tools is perfectly competitive. The price of a power tool is $2, the market wage rate is $40 per hour, and eight workers are hired. Profit can be maximized by hiring _____ worker(s). $${ \begin{array} { l } 
\text { Table: The Market for Power Tools, } \
\text { Marginal Revenue Product of Labor and } \
\text { Demand }\
\end{array} } \
\begin{array} { | l | l | } 
\hline \text { Quantity of Labor } & \text { Total Product } \
\hline 0 & 0 \
\hline 1 & 20 \
\hline 2 & 50 \
\hline 3 & 90 \
\hline 4 & 120 \
\hline 5 & 140 \
\hline 6 & 150 \
\hline 7 & 150 \
\hline 8 & 140 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of (Table: The Market for Power Tools, Marginal Revenue Product of Labor and Demand) Use Table: The Market for Power Tools, Marginal Revenue Product of Labor and Demand. In the table, the total product of labor is shown for the hourly production of power tools. Assume that the market for power tools is perfectly competitive. The price of a power tool is $2, the market wage rate is $40 per hour, and eight workers are hired. Profit can be maximized by hiring _____ worker(s). $${ \begin{array} { l } 
\text { Table: The Market for Power Tools, } \
\text { Marginal Revenue Product of Labor and } \
\text { Demand }\
\end{array} } \
\begin{array} { | l | l | } 
\hline \text { Quantity of Labor } & \text { Total Product } \
\hline 0 & 0 \
\hline 1 & 20 \
\hline 2 & 50 \
\hline 3 & 90 \
\hline 4 & 120 \
\hline 5 & 140 \
\hline 6 & 150 \
\hline 7 & 150 \
\hline 8 & 140 \
\hline
\end{array}$$

(Table: the Market for Power Tools, Marginal Revenue Product of Labor