Business, 02.08.2020 01:01 natalie2sheffield

Labor Input Physical output 10 500 11 600 12 690 13 760 14 800 Refer to the above table, answer the following questions: A. If the price of the good produced is $7, what is the marginal revenue product (MRPL=11) of the 11th worker? B. Suppose the price of the good sold is $10 and the marginal factor cost of labor(MFC) is $700, how many units of labor will the firm hire?

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Labor Input Physical output 10 500 11 600 12 690 13 760 14 800 Refer to the above table, answer the...

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