Homework Answers
| Units of labor(L) | Wage rate(W) | TLC($)=w*L | MRC($)=∆TLC/∆L | MRP($) |
| 0 | 14 | 0 | na | na |
| 1 | 14 | 14 | 14 | 38 |
| 2 | 14 | 28 | 14 | 28 |
| 3 | 14 | 42 | 14 | 24 |
| 4 | 14 | 56 | 14 | 20 |
| 5 | 14 | 70 | 14 | 14 |
| 6 | 14 | 84 | 14 | 10 |
Answer to blank 1: Same
Explanation:
The labor supply curve and MRC curve coincide as a single horizontal line at the market wage rate of $14. That's why the supply curve and the MRC are the same.
Answer to blank 2: $14
Answer to blank 3: 5
Add Answer to:
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Thanks!!
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please anwser all questions. thank you so much!
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Where does the marginal resource curve lie in relationship to
the supply curve? Please explain why they have this relationship.
Thanks!!
MFC (Marginal Factor Cost) Wage Independent Variable (Supply) MRP MFC D MRP (Demand) Q0 Quantity of Labor Dependent Variablee
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