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Please provide a complete chart with TP, MP, MRP, MRC, and TC columns, and answer ALL questions with detailed explanations . Wharton Widget Co. operates
Please provide a complete chart with TP, MP, MRP, MRC, and TC columns, and answer ALL questions with detailed explanations.
Wharton Widget Co. operates in a perfectly competitive, constant-cost, resource and product market. Widgets sell for $5 each, workers can be hired at a wage of $20 each, and fixed costs are $5. Use the chart below to answer questions 11 17: Number of Workers Marginal Physical Product _ 5 7 10 6 - 1 11. What is the Total Physical Product of the 5th worker? mm-bWNlA 12. What is the MRP of the 4th worker? 13. After which worker does the Law of Diminishing Marginal Returns first occur? 14. How many workers should the Wharton Widget Co. hire if it wishes to maximize profits? 15. If the Wharton Widget Co. hires 6 workers, what would be the Company's total profit? 16. If the supply of workers in the widget market decreases, would the number of workers hired by Wharton Widget Co. increase, decrease, or remain the same? Explain. 17. If the wage rate decreases for Wharton Widget Co., would the MRP of the last worker hired increase, decrease, or remain the same? ExplainStep by Step Solution
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