ECO220Y5 Lecture 14: lec 14 (you have to click on the link provided for each page; these are my handwritten lecture note)
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Complete the following labor supply table for a firm.
Units of labor | Wage rate $ | Total labor cost | Marginal labor cost | Marginal revenue product |
0 | 14 | Ā | Ā | - |
1 | 14 | Ā | Ā | 38 |
2 | 14 | Ā | Ā | 28 |
3 | 14 | Ā | Ā | 24 |
4 | 14 | Ā | Ā | 20 |
5 | 14 | Ā | Ā | 14 |
6 | 14 | Ā | Ā | 10 |
Complete the following labor supply table for firm hiring labor competitively:
Units of labor | Wage rate | Total Labor cost | Marginal Labour cost | Marginal Revenue Product |
0 | 14 | Ā | Ā | - |
1 | 14 | Ā | Ā | 38 |
2 | 14 | Ā | Ā | 28 |
3 | 14 | Ā | Ā | 24 |
4 | 14 | Ā | Ā | 20 |
5 | 14 | Ā | Ā | 14 |
6 | 14 | Ā | Ā | 10 |