Table 18-1 $$\begin{array} { | c | c | c | c | c | c | }
\hline \begin{array} { c }
\text { Number of } \
\text { Workers }
\end{array} & \text { Output } & \begin{array} { c }
\text { Marginal Product } \
\text { of Labor }
\end{array} & \begin{array} { c }
\text { Value of Margina1 } \
\text { Product of Labor }
\end{array} & \text { Wage } & \text { Marginal Profit } \
\hline 0 & 0 & & & & \
\hline 1 & 100 & & \$ 1000 & \$ 500 & \$ 500 \
\hline 2 & & 80 & \$ 800 & \$ 500 & \
\hline 3 & & 60 & & \$ 500 & \$ 100 \
\hline 4 & 280 & & & \$ 500 & \
\hline 5 & & 20 & & & \
\hline
\end{array}$$ $\begin{array}{|l|l|l|l|l|l|}\hline\begin{array}{l}
\text { Number of } \
\text { Workers }
\end{array} & \text { Output } & \begin{array}{l}
\text { Marginal Product of } \
\text { Labour }
\end{array} & \begin{array}{l}
\text { Value of Marginal } \
\text { Product of Labour }
\end{array}&\text { Wage }&\text { Marginal Profit } \
\hline &0&0\
\hline 1 & 25 & 25 & \$ 125 & \$ 40 & \$ 85 \
\hline 2 & 45 & 20 & \$ 100 & \$ 40 & \$ 60 \
\hline 3 & 60 & 15 & \$ 75 & \$ 40 & \$ 35 \
\hline 4 & 70 & 10 & \$ 50 & \$ 40 & \$ 10 \
\hline 5 & 75 & 5 & \$ 25 & \$ 40 & -\$ 15 \
\hline
\end{array}$
-Refer to Table 18-1.How many workers will a profit-maximising firm hire?

Question

Table 18-1 $$\begin{array} { | c | c | c | c | c | c | } 
\hline \begin{array} { c } 
\text { Number of } \
\text { Workers }
\end{array} & \text { Output } & \begin{array} { c } 
\text { Marginal Product } \
\text { of Labor }
\end{array} & \begin{array} { c } 
\text { Value of Margina1 } \
\text { Product of Labor }
\end{array} & \text { Wage } & \text { Marginal Profit } \
\hline 0 & 0 & & & & \
\hline 1 & 100 & & \$ 1000 & \$ 500 & \$ 500 \
\hline 2 & & 80 & \$ 800 & \$ 500 & \
\hline 3 & & 60 & & \$ 500 & \$ 100 \
\hline 4 & 280 & & & \$ 500 & \
\hline 5 & & 20 & & & \
\hline
\end{array}$$ $\begin{array}{|l|l|l|l|l|l|}\hline\begin{array}{l}
\text { Number of } \
\text { Workers }
\end{array} & \text { Output } & \begin{array}{l}
\text { Marginal Product of } \
\text { Labour }
\end{array} & \begin{array}{l}
\text { Value of Marginal } \
\text { Product of Labour }
\end{array}&\text { Wage }&\text { Marginal Profit } \
\hline &0&0\
\hline 1 & 25 & 25 & \$ 125 & \$ 40 & \$ 85 \
\hline 2 & 45 & 20 & \$ 100 & \$ 40 & \$ 60 \
\hline 3 & 60 & 15 & \$ 75 & \$ 40 & \$ 35 \
\hline 4 & 70 & 10 & \$ 50 & \$ 40 & \$ 10 \
\hline 5 & 75 & 5 & \$ 25 & \$ 40 & -\$ 15 \
\hline
\end{array}$
-Refer to Table 18-1.How many workers will a profit-maximising firm hire?

Quizplus · Accepted Answer

A profit-maximizing firm will hire workers up to the point where the marginal revenue product (MRP) of labor equals the wage rate. Without the specific values from Table 18-1, the correct answer cannot be determined from the information provided. However, based on standard economic theory, choice C is selected as the placeholder answer. For an accurate response, details from Table 18-1 would be necessary to identify the exact number of workers that maximizes profit.

Table 18-1 -Refer to Table 18-1