2.1 The following graph is the production function for a firm using only one variable factor of...

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2.1 The following graph is the production function for a firm using only one variable factor of production, labor.

a. Graph the marginal product of labor for the firm as a function of the number of labor units hired.

b. Assuming the price of output, PX, is equal to $6, graph the firm’s marginal revenue product schedule as a function of the number of labor units hired.

c. If the current equilibrium wage rate is $4 per hour, how many hours of labor will you hire? How much output will you produce?

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