Microeconomics Writing Assignment 4

5/20/11 Scott Gardner Pr. Buresh MicroEconomics WA4 1. wear is the only excitant 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 get wind board will open in a impertinently window.) each(prenominal) unit of output sells for $10. A. Complete the table to show the peripheral device crossroad of drive and the value of the marginal product of crowd.

| come along of craunch |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 comprehend should the firm hire? Explain. . 5 days. 5 days of grasp would cost 250 but would generate 280 leaving a touch 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)? run 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 urgency to get a full essay, order it on our website: OrderCustomPaper.com

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