Units of resource Total Product Marginal Product 0 0 ----- 1 8 8 2 14 6 3 18 4 4 21 3 5 23 2 If the firm’s product sells for a constant $3, per unit and the price of the resource is a constant $15, the firm will employ how many units of the resource?
Units of resource Total Product Marginal Product 0 0 ----- 1 8 8 2 14 6 3 18 4 4 21 3 5 23 2 If the firm’s product sells for a constant $3, per unit and the price of the resource is a constant $15, the firm will employ how many units of the resource?
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter19: Labor And Entrepreneurship: The Human Inputs
Section: Chapter Questions
Problem 6TY
Related questions
Question
Units of resource |
Total Product |
Marginal Product |
0 |
0 |
----- |
1 |
8 |
8 |
2 |
14 |
6 |
3 |
18 |
4 |
4 |
21 |
3 |
5 |
23 |
2 |
If the firm’s product sells for a constant $3, per unit and the price of the resource is a constant $15, the firm will employ how many units of the resource?
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