Table 11.4
$$\begin{array} { | c | c | c | }
\hline \text { Number of Workers } & \begin{array} { c }
\text { Total } \
\text { Froduct }
\end{array} & \begin{array} { c }
\text { Product } \
\text { Price } ( \$ )
\end{array} \
\hline 0 & 0 & 4 \
\hline 1 & 15 & 4 \
\hline 2 & 29 & 4 \
\hline 3 & 42 & 4 \
\hline 4 & 54 & 4 \
\hline 5 & 65 & 4 \
\hline 6 & 75 & 4 \
\hline 7 & 84 & 4 \
\hline 8 & 92 & 4 \
\hline 9 & 99 & 4 \
\hline 10 & 105 & 4 \
\hline
\end{array}$$
-Refer to Table 11.4,which shows data for a perfectly competitive firm.The first column shows the number of workers employed in production,the second column shows the total product of the firm,and the third column shows its product price.If the firm wants to hire nine workers,then the wage rate is _____
A)$4.
B)$14.
C)$28.
D)$198.
E)$396.

Question

Table 11.4
 $$\begin{array} { | c | c | c | } 
\hline \text { Number of Workers } & \begin{array} { c } 
\text { Total } \
\text { Froduct }
\end{array} & \begin{array} { c } 
\text { Product } \
\text { Price } ( \$ )
\end{array} \
\hline 0 & 0 & 4 \
\hline 1 & 15 & 4 \
\hline 2 & 29 & 4 \
\hline 3 & 42 & 4 \
\hline 4 & 54 & 4 \
\hline 5 & 65 & 4 \
\hline 6 & 75 & 4 \
\hline 7 & 84 & 4 \
\hline 8 & 92 & 4 \
\hline 9 & 99 & 4 \
\hline 10 & 105 & 4 \
\hline
\end{array}$$
-Refer to Table 11.4,which shows data for a perfectly competitive firm.The first column shows the number of workers employed in production,the second column shows the total product of the firm,and the third column shows its product price.If the firm wants to hire nine workers,then the wage rate is _____
A)$4.
B)$14.
C)$28.
D)$198.
E)$396.

Quizplus · Accepted Answer

To find the wage rate for 9 workers, we need to look at the Marginal Product of Labor (MPL) for the 9th worker, which is the additional output produced by hiring one more worker.

MPL for the 9th worker = Total product of 9 workers – Total product of 8 workers 
= 99 - 92 
= 7

Now, we can use the formula for the value of the Marginal Product (MPL x Product Price) to find the wage rate:

MPL x Product Price = Wage rate 
7 x 4 = 28

Therefore, the wage rate for 9 workers is $28. Answer choice (C) is correct.

Table 114 -Refer to Table 11