Question: . Use the following data to answer the questions below. Assume a perfectly competitive product market. Units of LaborUnits of Output 00 18 212 317

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

Units of LaborUnits of Output

00

18

212

317

421

523

a.Calculate the total revenue product and marginal revenue product at each level of labor input if output sells for $4 per unit.

b.If the wage rate is $15 per hour, how many units of labor will be hired? Explain your answer.

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