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I just need help with the last 2. Number 5 and the given the possibility question. Please and thank you Pric Units of Outpu Labor
I just need help with the last 2. Number 5 and the given the possibility question. Please and thank you
Pric Units of Outpu Labor t Margina 1 Product MRP2 Marginal Revenue Product e 0 1 0 50 0 50 Margina 1 Revenu e Product 0 1000 800 $600 400 $200 100 0 400 2. 90 40 400 3 120 20 $20 $20 $20 $20 $20 $20 400 4 30 20 10 5 140 5 150 155 400 400 400 6 1. Provide the missing values in the first five columns of the table. Ignore the MRP, column for now. 2. Plot the firm's marginal revenue product curve. 3. Plot the labor supply curve the firm faces if the wage is $400. How much labor does the firm hire? 4. Pot the labor supply curve the firm faces if the wage is $100. How much labor does the firm hire? 5. Assume the price of output falls to $10. Fill in the new values of the marginal revenue product in the MRP, column of the table and plot it on graph. How many units of labor are hired at a wage of $400? How much at a wage of $100?| Given the possibility of continued outsourcing of jobs abroad, what do you think will happen in the United States in the short-run and long-run of this practice? Explain your Step by Step Solution
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