How will the firm adjust employment if the wage rises

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Reference no: EM13221117

Suppose a firm's short-run total product schedule is given in the table below. It sells its output in a competitive market for $1.50 per unit. Labor Total Product Marginal Product Marginal Revenue Product 0 0 1 8 2 18 3 29 4 39 5 47 6 52 7 53 8 53

a. Complete the table. How many workers will this firm hire at a wage of $7?

b. If the wage rises to $9, how will the firm adjust its employment?

Reference no: EM13221117

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