Based on the data and using mrp mrc rule determine number

Reference no: EM13453790

Suppose you are the President of Fraggle Rock Co., a producer of musical compact discs (CDs). Assume Fraggle Rock Co. operates in a perfectly competitive product and perfectly competitive resource market. The market price (P) for each CD is given at $10 and the market wage rate (w) for labor is given at $160 per worker.

# units of labor	Total Product	Marginal Product (MP)	Product Price (P)	Total Revenue (TR)	Marginal Revenue Product (MRP)
0	0	--	$10	$0	--
1	30		$10
2	58		$10
3	84		$10
4	108		$10
5	130		$10
6	150		$10
7	168		$10
8	184		$10
9	198		$10
10	210		$10

a. Fill in the columns in the table above for MP, TR, and MRP (6pts).

Based on the data above and using the MRP = MRC Rule, find the number of units of labor that this firm should hire (L*). How do you know?

Reference no: EM13453790

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