ENGLISH Midterm: 280_Materialnotes
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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 | - | ||
| 1 | 14 | 38 | ||
| 2 | 14 | 28 | ||
| 3 | 14 | 24 | ||
| 4 | 14 | 20 | ||
| 5 | 14 | 14 | ||
| 6 | 14 | 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 | - | ||
| 1 | 14 | 38 | ||
| 2 | 14 | 28 | ||
| 3 | 14 | 24 | ||
| 4 | 14 | 20 | ||
| 5 | 14 | 14 | ||
| 6 | 14 | 10 |
