Question
See the attached Excel sheet (Excel sheet for Problem #2) for this problem. The data in the spread sheet represent the production function for a
See the attached Excel sheet (Excel sheet for Problem #2) for this problem. The data in the spread sheet represent the production function for a representative firm. L is the number of workers hired/day and Q is the daily output produced/day. Assume the price of the good produced is $4.00/unit (P = 4). a. Find the MPL, the MRPL b. How many units of labor would the manufacturing firm hire given the following wages: i. W = $50, ii. W = $40, iii. W = $30 iv. W = $20 v. W = $10. Explain.
| L | Q | MPL | MRPL | P | W |
| 0 | 0 | ||||
| 1 | 10 | ||||
| 2 | 18 | ||||
| 3 | 24 | ||||
| 4 | 28 | ||||
| 5 | 30 | ||||
| 6 | 27 |
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Auditing a risk based approach to conducting a quality audit
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
9th edition
9781133939160, 1133939155, 1133939163, 978-1133939153
