The following table shows the marginal revenue of a firm and the marginal physical product of different units of labor in a perfectly competitive labor market. Table 14.5
Note: Marginal revenue product of a resource is the product of MPP and MR.
In Table 14.5, at what wage rate would one worker be hired by a profit-maximizing firm?

Question

The following table shows the marginal revenue of a firm and the marginal physical product of different units of labor in a perfectly competitive labor market. Table 14.5
 Note: Marginal revenue product of a resource is the product of MPP and MR.
In Table 14.5, at what wage rate would one worker be hired by a profit-maximizing firm?

Quizplus · Accepted Answer

The Answer of The following table shows the marginal revenue of a firm and the marginal physical product of different units of labor in a perfectly competitive labor market. Table 14.5
 Note: Marginal revenue product of a resource is the product of MPP and MR.
In Table 14.5, at what wage rate would one worker be hired by a profit-maximizing firm?

The Following Table Shows the Marginal Revenue of a Firm