5. Use the following data to answer the questions below. Assume a perfectly competitive product market....

   

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5. Use the following data to answer the questions below. Assume a perfectly competitive product market. Units of Labor 0 1 Units of Output 0 10 15 2 3 20 20 + 25 5 303 a. Calculate the total revenue product and marginal revenue product at each level of labor input if output sells for $10 per unit. b. If the wage rate is $20 per hour, how many units of labor will be hired? Explain your answer. 5. Use the following data to answer the questions below. Assume a perfectly competitive product market. Units of Labor 0 1 Units of Output 0 10 15 2 3 20 20 + 25 5 303 a. Calculate the total revenue product and marginal revenue product at each level of labor input if output sells for $10 per unit. b. If the wage rate is $20 per hour, how many units of labor will be hired? Explain your answer.