Question

be next question on the bis of inormation Total Employment prdu 12 30 16 Refcr 10, it will employ A. 2 workers dala If the firm is hiring workers smder purely competitive comitios atwaa ot C 4 workers D. 5 workers Answer the next question on the basis of the data contained in the following table. Assume that the firm i hiring labor in a purely competitive market Units TetalProduct ef la bor preduct price 52.20 2.00 15 28 39 48 1.60 1.40 1.20 60 17. Refer to the above data. If the wage rate is $11, how many workers will the fim choose to employ? A. 5 B. 4 C. 3 D. 2

Answer 1

16.

marginal product

0

12

10

8

In a competitive labor market, wage equals marginal product so when wage is given as 10 then 2 workers would be hired.

the correct option is A

17) From the above table, given wage is 11 so marginal product is 11 at 3 workers being hired.

the correct option is C