Question: Given the data in Table A, complete the labor demand schedule shown in Table B. Contrast this schedule to the value of marginal product schedule

Given the data in Table A, complete the labor demand schedule shown in Table B. Contrast this schedule to the value of marginal product schedule that would exist given these data. Explain why the labor demand and VMP schedules differ.

Table A Table B Labor Demand Schedule Total Product Inputs of Labor Product Quantity Demanded Price Wage Rate $1.10 $18

Table A Table B Labor Demand Schedule Total Product Inputs of Labor Product Quantity Demanded Price Wage Rate $1.10 $18 17 1.00 14 32 45 .90 11 3 .80 4 55 .70 62 .65 68 .60

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