A typical competitive firm faces the market price of $5.00 per unit for its output and...

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A typical competitive firm faces the market price of $5.00 per unit for its output and employs workers in a perfectly competitive labor market. Each worker earns $200 per day. (A) (5 Points) Please fill in empty cells in Table HW2.Q1A.CH6 with appropriate values. REQUIRED: show detailed calculations for each variable -with formulas and steps in writing, explicitly. Table HW2.Q1A.CH6: Data for a Competitive Firm Number of Total Total Average Revenue Product Workers Production (Q) (L) Product (TRP) of L (APL) 0 0 1 40 2 110 3 200 4 320 5 410 6 490 7 550 8 590 9 610 10 600 Marginal Product of L (MPL) of Labor (MRPL) 90.00 MR Product Marginal Cost of Labor (MRCL) $200.00 Marginal Total Profits of Cost of Labor Labor (TCL) $1,600.00 Total Profits (n) (B) (2 Points) As a profit-maximizing firm, how many workers should the firm employed? Explain. (C) (3 Points) Suppose market price increased to $6.00 per unit, how many workers should the firm hire? Why? A typical competitive firm faces the market price of $5.00 per unit for its output and employs workers in a perfectly competitive labor market. Each worker earns $200 per day. (A) (5 Points) Please fill in empty cells in Table HW2.Q1A.CH6 with appropriate values. REQUIRED: show detailed calculations for each variable -with formulas and steps in writing, explicitly. Table HW2.Q1A.CH6: Data for a Competitive Firm Number of Total Total Average Revenue Product Workers Production (Q) (L) Product (TRP) of L (APL) 0 0 1 40 2 110 3 200 4 320 5 410 6 490 7 550 8 590 9 610 10 600 Marginal Product of L (MPL) of Labor (MRPL) 90.00 MR Product Marginal Cost of Labor (MRCL) $200.00 Marginal Total Profits of Cost of Labor Labor (TCL) $1,600.00 Total Profits (n) (B) (2 Points) As a profit-maximizing firm, how many workers should the firm employed? Explain. (C) (3 Points) Suppose market price increased to $6.00 per unit, how many workers should the firm hire? Why?

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A Table HW2Q1ACH6 Data for a Competitive Firm Total Number of Workers LTotal Production QRevenue TRP... View the full answer