Compare firms total revenue to total amount paid for labor

Assignment Help Econometrics

Reference no: EM13235164

units of labor units of Output
0 0
1 7
2 13
3 18
4 22
5 25

a.Calculate the marginal revenue product for each add. unit of labor of output sell $3

b. draw the damand curve for labor based on above data and the $3 per unit product price

c. wage rate is 15 per hour, how much labor will be hired

d. compare firms total revenue to the total amount paid for labor. Who gets the difference ? what happens would happen to answeres to part b and c if pridce increase to 5 per unit

Reference no: EM13235164

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