Microeconomics Writing Assignment 4

5/20/11 Scott Gardner Pr. Buresh MicroEconomics WA4 1. wear is the only stimulant utilize by a perfectly competitive firm. It hires workers for $50 a day. The firms proceedsion function is as shown in the following Table. (The restrain board will open in a mod window.) each(prenominal) unit of output sells for $10. A. Complete the table to show the encircling(prenominal) carrefour of drive and the value of the marginal product of crowd.

| fester of trade union movement |Units of Daily Output |Marginal Product of Labor (MPL) |Value of MPL | |0 |0 | | | |1 |7 |7 |$70 | |2 |13 |6 |$60 | |3 |19 |6 |$60 | |4 |25 |6 |$60 | |5 ! |28 |3 |$30 | |6 |29 |1 |$10 | B. How many days of weary should the firm hire? Explain. . 5 days. 5 days of ram would cost 250 but would generate 280 leaving a wee of 30. 6 days would thusly bring in -10 so it would obviously not be profitable. . 2. distinguish the factors of production. What are the returns to these factors (their price)? diagnose the marginal products of each factor and how the value of the marginal product of each factor is determined. The factors of production include labor, land and capital...If you unavoidableness to get a full essay, order it on our website: BestEssayCheap.com

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