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In the short run. a tool manufacturer has a xed amount of capital. Labor is a variable input. The cost and output structure that the
In the short run. a tool manufacturer has a xed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is shown in the table below. Assume the product price is $5. a. Calculate the marginal revenue product and the marginal resource cost, and then fill in the blanks in the labor supply table. Instructions: Enter your answers as a whole number. b. What are the equilibrium wage rate and level of employment? Equilibrium wage rate = $ Equilibrium level of employment = workers
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