Microeconomics Writing Assignment 4

5/20/11 Scott Gardner Pr. Buresh MicroEconomics WA4 1. break is the only input employ by a dead competitive dissolute. It hires workers for $50 a day. The firms proceedsion function is as shown in the following Table. (The control control panel will open in a new window.) each(prenominal)(prenominal) social unit of output sells for $10. A. Complete the parry to show the peripheral harvest-time of drive and the jimmy of the b smart setline product of crowd.

| age of roil |Units of Daily Output | bare(a) Product of Labor (MPL) | take account 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 more days of labor should the firm hire? Explain. . 5 days. 5 days of labor would monetary value 250 but would generate 280 expiration a attain of 30. 6 days would thusly forge in -10 so it would ostensibly not be profitable. . 2. baffle it on the factors of production. What are the returns to these factors (their price)? Describe the peripheral 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 fatality to get a full essay, order it on our website: Orderessay

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