Wage quantity of labor demanded

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Suppose that labor is the only input used by a perfectly competitive firm. The firm’s production function is as follows: Complete the third column of the following table by calculating the marginal product for each additional worker. Days of Labor Units of Output Marginal Product of Labor Value of the Marginal Product of Labor (Dollars) 0 0 1 7 2 13 3 19 4 25 5 28 6 29 7 29 Each unit of output sells for $10. Complete the fourth column of the previous table by calculating the value of the marginal product of each worker. Complete the following demand schedule by indicating the maximum wage the firm would be willing to pay for each quantity of labor. Wage Quantity of Labor Demanded (Dollars per day of labor) (Days of labor) 7 6 5 4 3 2 1 Use the blue points (circle symbol) to graph the firm’s labor-demand curve, given the demand schedule you previously derived. Labor Demand 0 1 2 3 4 5 6 7 70 60 50 40 30 20 10 0 Wage (Dollars) Quantity of Labor (Days) If the price of output rises from $10 to $12 per unit, the labor-demand curve.

Reference no: EM131169585

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