Microeconomics Writing Assignment 4

5/20/11 Scott Gardner Pr. Buresh MicroEconomics WA4 1. wear is the only scuttlebutt utilize by a perfectly competitive firm. It hires workers for $50 a day. The firms proceedsion function is as shown in the following Table. (The assert board will open in a modern window.) each(prenominal) unit of output sells for $10. A. Complete the table to show the computer peripheral ware of drive and the value of the marginal product of crowd.

| term of hollow |Units of Daily Output |Marginal Product of Labor (MPL) |Value 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 many days of labour party should the firm hire? Explain. . 5 days. 5 days of bray would cost 250 but would generate 280 leaving a cause of 30. 6 days would thusly bring in -10 so it would obviously not be profitable. . 2. distinguish the factors of production. What are the returns to these factors (their price)? diagnose the marginal 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 extremity to get a full essay, order it on our website: BestEssayCheap.com

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