How to sell product in perfectly competitive product market

Assignment Help Econometrics

Reference no: EM13239856

Assuming the selling price of output is $2, fill in the values in the table below.

Labor Total Product Marginal Product Total Revenue Value of Marginal Product
0 0
1 17
2 31
3 43
4 53
5 60
6 65

1. How many workers would the firm hire if the going wage rate were $27.95? How many would it hire if the wage rate were $19.95? Why would the firm not hire more (or less) than the numbers you have chosen?

2. How can you tell that the firm sells its product in a perfectly competitive product market?

Reference no: EM13239856

Questions Cloud

Explain the cobalt in solution was reduced : When a rod of metallic lead was added to a 0.0100M solution of Co^+3, it was found that 68% of the cobalt in solution was reduced to Co^+2 by the lead. Find the value of K for Pb + 2Co^+3 = Pb^+2 + 2Co^+2

Why the firm would be willing to employ at each wage rate : Assume that the firm buys a machine for each worker that increases the marginal productivity of each worker, which would be reflected by an increase in the total product, marginal product, and value of marginal product columns.

Explain the voltage of the galvanic cell made from the ag+ : At equimolar concentrations of Fe+2 and Fe+3, what must [Ag+] be so that the voltage of the galvanic cell made from the Ag+/Ag and Fe+3/Fe+2 electrodes equals zero? The reaction is Fe^+2 + Ag^+ = Fe^+3 + Ag

What are the currents through these resistors : When two resistors are connected in a parallel configuration the voltages across each are the same, What are the currents through these resistors

How to sell product in perfectly competitive product market : How many workers would the firm hire if the going wage rate were $27.95 How many would it hire if the wage rate were $19.95 Why would the firm not hire more (or less) than the numbers you have chosen

A separate electrolytic cells containing solutions of agno3 : A given quantity of electricity passes through two separate electrolytic cells containing solutions of AgNo3 and SnCl2, respectively. If 2.00 g of silver is deposited in one cell, how many grams of tun are deposited in the other cell

Find the potential difference of the battery : The voltage across a resistor is equal to the product of the current through the resistor and the resistance of the resistor, What is the potential difference of the battery

Explain behaviors at variance to established economic theory : A fundamental characteristic of oligopolies is the tendency for them to follow price leadership and to act in harmony in the setting of prices, while monopolistic competitors will find it possible to earn only normal profits in the long run

What must be the length of this wire : Suppose you wish to fabricate a uniform wire from 1.60 g of copper. The wire is to have a resistance of R = 0.580 ? and all the copper is to be used, What must be the length of this wire

User Account

All Pages