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Resource Demand Exercise 2 (Algo) Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair
Resource Demand Exercise 2 (Algo) Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair of earrings she produces for $6. The table below shows the productivity of the workers that Stephanie might hire. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. a. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns. Stephanie's Earring Shop and Revenues Labor Total Product (pairs of Marginal Product (workers) earrings) pairs of earrings) 0 12 22 W N 30 36 40 43 4 4 b. If the wage rate is $24, how much labor does Stephanie demand? O 1 worker O 5 workers O 2 workers O 7 workers
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