Question: 3. This table provides some information about hourly output and revenue for a firm in a competitive market. Each factor of production (L) in

3. This table provides some information about hourly output and revenue for

3. This table provides some information about hourly output and revenue for a firm in a competitive market. Each factor of production (L) in the table represents one worker. For example, a total of 3 workers produce a total of 18 units per hour. Using the data provided: a. Complete the table. b. Using the data from the table construct the MRP and the MRC curves at an MRC (wage) of $20.00 per hour with MRP and MRC on the vertical and FPs on the horizontal axis. How many laborers (FPS) would be employed at $20.00 per hour? Why? c. If the employer had to increase the hourly rate by $5.00, how many laborers (FPS) would be employed? Why? P 4 4 Q 0 7 13 18 TR 0 28 88 MR 4 MP 7 MRP 24 FP (L) 0 1 2 3 st 4

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