In this problem, the short run production function is given. In other words, we are able to see the total output that is produced when different amounts of labor inputs are hired. Each output unit produced by this firm is sold at a price of P = $5.

Fill out the rest of the table from the given information. Recall that MP = Marginal Product, MRP = Marginal Revenue Product, and TR = Total Revenue.

DO NOT ENTER DOLLAR SIGNS, ONLY ENTER NUMBERS

https://docs.google.com/document/d/1-kSXRArdwFjSHuVWN8cs9gNZItNngRqD5tugAE9EwiI/edit?usp=sharing

Having filled out the above table, we now consider the number of workers that will be hired by the profit-maximizing firm. In the table below, fill in the Quantity of Labor demanded column. In other words, we are asking the following: How many workers will the firm hire at each wage rate?