The table below gives data on output for a firm in the short run. The firm is able to hire labor and its TPP is given. Compute the APP, MPP, and MRP for labor if the price of the good is fixed at $12 per unit.
LABORTPPAPPMPPMRP14_______________29_______________315_______________421_______________526_______________630_______________733_______________835_______________936_______________
What will be an ideal response?
| LABOR | TPP | APP | MPP | MRP |
| 1 | 4 | 4 | 4 | $48 |
| 2 | 9 | 4.5 | 5 | 60 |
| 3 | 15 | 5 | 6 | 72 |
| 4 | 21 | 5.25 | 6 | 72 |
| 5 | 26 | 5.2 | 5 | 60 |
| 6 | 30 | 5 | 4 | 48 |
| 7 | 33 | 4.71 | 3 | 36 |
| 8 | 35 | 4.375 | 2 | 24 |
| 9 | 36 | 4 | 1 | 12 |
| 1 |
You might also like to view...
There is no completely satisfactory way to define the money supply in the United States because
A) data on the money supply are always approximate and only available after a time lag of several months. B) much of it is held by the public and so cannot be monitored by the Fed. C) the Federal Reserve uses a number of different definitions. D) the liquidity of any asset is a matter of degree.
Refer to Table 9-11. Which country has an absolute advantage in producing clocks?
A) Denmark B) Belize C) both countries D) neither country
In the short run, if average product is at its maximum, then average variable cost is at its minimum
Indicate whether the statement is true or false
A quarter is an example of commodity money because the metal used to manufacture it has some value
a. True b. False Indicate whether the statement is true or false