[solution] » Complete the table below for a irm in a competitive market and in a monopolistic

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Complete the table below for a irm in a competitive market and in a monopolistic

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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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Oct 14, 2020

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