Econ 2200W Homework #5 (Chapter 17) Name:______________________ ***Complete the following table for Terrell's Televisions: Product Price Marginal Revenue Product of Labor (dollars per week) Wage (dollars per week) Additional Profit from Hiring One More Worker (dollars per week) W MRP W Number of Workers Output of Televisions per Week Marginal Product of Labor (television sets per week) L Q MP P MRP = P MP 0 0 $300 1 8 300 1,800 2 15 300 1,800 3 21 300 1,800 4 26 300 1,800 5 30 300 1,800 6 33 300 1,800 $1,800 ______________________________________________________________________________ (a) From the information in the table, can you determine whether this form is a price taker or price maker? Briefly explain. (b) Use the information in the table to draw a graph like Figure 17.1 on page 559 that shows the demand for labor by this firm. How many workers this firm should hire in order to maximize the profit? Briefly explain