Complete the table below for a irm in a competitive market and in a monopolistic
See attachment for more details
market. (Note: TP= Total Product, MP=Marginal Product, TR=Total Revenue, MRP=Marginal
Revenue Product, VMP=Value of the Margianal Product)
Labor (L) TP MP Price (P) TR MRP VMP
4 15 250
5 27 250
6 36 250
7 42 250
8 45 250
9 46 250
b. How much labor would be demanded by the irm in each of the cases above if wage is 600?
c. How would the labor demand be for a irm in the perfect competition case if price was 200?
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Sep 21, 2019EXPERT
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