Table 2 contains the total product and product price for a monopoly firm in the short run with a fixed amount of capital.
Table 2
$\begin{array}{|l|l|l|l|l|l|}
\hline \begin{array}{l}
\text { Number of } \
\text { employees }
\end{array} & \begin{array}{l}
\text { Total } \
\text { product }
\end{array} & \begin{array}{l}
\text { Product } \
\text { price }
\end{array} & \begin{array}{l}
\text { Marginal } \
\text { product }
\end{array} & \begin{array}{l}
\text { Total } \
\text { revenue }
\end{array} & \begin{array}{l}
\text { Marginal } \
\text { revenue } \
\text { product }
\end{array} \
\hline 1 & 51 & \$ 9.00 & & & \
\hline 2 & 93 & 8.00 & & & \
\hline 3 & 129 & 7.00 & & & \
\hline 4 & 159 & 6.00 & & & \
\hline 5 & 180 & 5.00 & & & \
\hline 6 & 195 & 4.00 & & & \
\hline 7 & 207 & 3.00 & & & \
\hline 8 & 215 & 2.00 & & & \
\hline
\end{array}$ a. Complete the table.
b. Explain why the marginal revenue product schedule declines.
c. How many workers will the firm hire at a wage rate of $75?
a.

Question

Table 2 contains the total product and product price for a monopoly firm in the short run with a fixed amount of capital.
 Table 2
$\begin{array}{|l|l|l|l|l|l|}
\hline \begin{array}{l}
\text { Number of } \
\text { employees }
\end{array} & \begin{array}{l}
\text { Total } \
\text { product }
\end{array} & \begin{array}{l}
\text { Product } \
\text { price }
\end{array} & \begin{array}{l}
\text { Marginal } \
\text { product }
\end{array} & \begin{array}{l}
\text { Total } \
\text { revenue }
\end{array} & \begin{array}{l}
\text { Marginal } \
\text { revenue } \
\text { product }
\end{array} \
\hline 1 & 51 & \$ 9.00 & & & \
\hline 2 & 93 & 8.00 & & & \
\hline 3 & 129 & 7.00 & & & \
\hline 4 & 159 & 6.00 & & & \
\hline 5 & 180 & 5.00 & & & \
\hline 6 & 195 & 4.00 & & & \
\hline 7 & 207 & 3.00 & & & \
\hline 8 & 215 & 2.00 & & & \
\hline
\end{array}$ a. Complete the table.
b. Explain why the marginal revenue product schedule declines.
c. How many workers will the firm hire at a wage rate of $75? 
a.

Quizplus · Accepted Answer

The Answer of Table 2 contains the total product and product price for a monopoly firm in the short run with a fixed amount of capital.
 Table 2
$\begin{array}{|l|l|l|l|l|l|}
\hline \begin{array}{l}
\text { Number of } \
\text { employees }
\end{array} & \begin{array}{l}
\text { Total } \
\text { product }
\end{array} & \begin{array}{l}
\text { Product } \
\text { price }
\end{array} & \begin{array}{l}
\text { Marginal } \
\text { product }
\end{array} & \begin{array}{l}
\text { Total } \
\text { revenue }
\end{array} & \begin{array}{l}
\text { Marginal } \
\text { revenue } \
\text { product }
\end{array} \
\hline 1 & 51 & \$ 9.00 & & & \
\hline 2 & 93 & 8.00 & & & \
\hline 3 & 129 & 7.00 & & & \
\hline 4 & 159 & 6.00 & & & \
\hline 5 & 180 & 5.00 & & & \
\hline 6 & 195 & 4.00 & & & \
\hline 7 & 207 & 3.00 & & & \
\hline 8 & 215 & 2.00 & & & \
\hline
\end{array}$ a. Complete the table.
b. Explain why the marginal revenue product schedule declines.
c. How many workers will the firm hire at a wage rate of $75? 
a.

Table 2 Contains the Total Product and Product Price for a Monopoly