Based on the firms perfectly competitive data table(recorded daily below). Please fill in the blanks.

**please help me understand how question was/is solved; to confirm my methods are correct**

(1)	(2)	(3)	(4)	(5)	(6)
Units of labor (L)	Total Quantity of Output (Q)	Price	Marginal Physical Product of Labor(MPPL)	$ Total Revenue(TR)	$ Marginal Revenue Product(MRP)
0	0	$30		N/A	N/A
1	40	$30
2	72	$30
3	92	$30
4	102	$30
5	107	$30

b) Explain why MRP declines as more labor is employed. Shouldn’t MRP increase as more labor is employed and added to a fixed amount of capital input? (6 points)

c) If the wage rate (Marginal Factor Cost (MFC)) is set at $400 per day, per worker this firm will demand at least ________ but no more than_______ workers. Explain why

Answer rating: 100% (QA)

Ans a Unit Quantity of of labouroutput O 1 2 3 4 5 O 40 72 92 102 107 Marginal Physical ... View the full answer