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13-The Profit Maximizing Number of Labourers & The Market for Labour Questions

1. Complete the table below (assume the price per felled tree is $100):

Labour - No. of Lumberjacks OutputTrees per Week Marginal Product of Labour Value of the Marginal Product of Labour Wage Marginal Profit

(L) (Q) MPL VMPL=MPL(P) (W) Profit=VMPL-W

0 0

1 100 $2500

2 180 $2500

3 240 $2500

4 280 $2500

5 300 $2500

a. Given the data above, depict a Production Function.

b. Determine how many lumberjacks this tree cutting company should hire.

c. Depict the profit maximizing number of labourers

2. Depict the market for labour. Depict what will happen should Canada relax its immigration laws allowing more people to immigrate to Canada.

3. Depict the market for labour. Depict what will happen in the market for real estate agents given the advent of Covid-19.