The following figure shows the average revenue product (ARP) and marginal revenue product curves of monopoly for its only variable input, labor.

-If the wage is $10, the firm will hire __________ workers. Total revenue is $________ (hint: ARP = P(Q/L), total variable cost is $________. If total fixed cost is $550, the firm earns a profit of $________.

Question

The following figure shows the average revenue product (ARP) and marginal revenue product curves of monopoly for its only variable input, labor.
 
-If the wage is $10, the firm will hire __________ workers. Total revenue is $________ (hint: ARP = P(Q/L), total variable cost is $________. If total fixed cost is $550, the firm earns a profit of $________.

Quizplus · Accepted Answer

The Answer of The following figure shows the average revenue product (ARP) and marginal revenue product curves of monopoly for its only variable input, labor.
 
-If the wage is $10, the firm will hire __________ workers. Total revenue is $________ (hint: ARP = P(Q/L), total variable cost is $________. If total fixed cost is $550, the firm earns a profit of $________.

The Following Figure Shows the Average Revenue Product (ARP) and Marginal