Question: 3. Using the table below, which displays information for the same perfectly competitive firm during the short-run, answer the following questions. Units of Labor,

3. Using the table below, which displays information for the same perfectly

3. Using the table below, which displays information for the same perfectly competitive firm during the short-run, answer the following questions. Units of Labor, L 234 5 6 7 Total Product (TP) 20 30 36 40 42 43 Marginal Product Total Product Price (MP) 10 6 4 2 1 $2 222 2 2 22 2 Revenue (TR) Margina Marginal Marginal 1 Wage Wage Revenue Cost Cost Product (MWC) (MWC) (MRP) --- a. Fill in the total revenue and marginal revenue product columns. b. Which two columns represent the firm's short-run labor demand curve? c. Given a constant wage rate of $7.99 per hour, fill in the first marginal wage cost column. How many units of labor does this firm hire, given this wage rate? Explain why? d. Suppose the wage rate falls to $3.99 per hour, fill in the second marginal wage cost column. How many units of labor does this firm hire now, given this new wage rate? Explain why?

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