Microeconomics Writing Assignment 4

5/20/11 Scott Gardner Pr. Buresh MicroEconomics WA4 1. wear is the only insert 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 check up on board will open in a refreshful window.) each(prenominal) unit of output sells for $10. A. Complete the table to show the peripheral yield of drive and the value of the marginal product of crowd.

| geezerhood of toil |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 advertize party should the firm hire? Explain. . 5 days. 5 days of labor would cost 250 but would generate 280 leaving a strain 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)? pull back 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 requisite to get a full essay, order it on our website: BestEssayCheap.com

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