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Employment Total Product Product Price Total Revenue MRP 0 0 $3 1 12 3 2 22 3 3 30 3 4 36 3 5 40
Employment Total Product Product Price Total Revenue MRP 0 0 $3 1 12 3 2 22 3 3 30 3 4 36 3 5 40 3 6 42 3 Refer to the above table. If the firm is hiring workers under purely competitive conditions at a wage rate of $24, it will choose to employ between: Formulas: Quantity (Q) of Output = Total Product; Employment = Quantity of Input TR = Product Price x Quantity of Output; MRP = input Group of answer choices 3 - 4 workers. 0 - 1 workers. 1 - 2 workers. 2 - 3 workers
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