Sample Problem - Pure Competition Quantity of Labor 1 2 3 4 5 6 Rule: T(P)P M[P)P 17 31 43 53 60 65 Prot Maximization where MRC = MRP MRC = Marginal Resource Cost = Wage Rate Product Price $2 $2 $2 $2 $2 $2 Total Revenua Average Revenue Product Marginal Revenue Product A. About how many workers will this rm hire if the purely competitive wage is $20? 8. About how many workers will this firm hire ittbe purely competitive wage is $14? GRAPH