Question
The Apex widget company uses only one variable inputlabor- in its production process (it has minor fixed capital costs which are so small that they
The Apex widget company uses only one variable inputlabor- in its production process (it has minor fixed capital costs which are so small that they can be disregarded in this example). Apex sells its current output in a imperfectly competitive product market, and it is a monopsonistic employer of labor. The relevant data on Apex's operation are partially presented in the following table showing the weekly levels of employment, output, revenue and costs.
Fill in the blank spaces. Can you please explain how to calculate the marginal product, especially the marginal revenue, and the marginal cost of labor thank you!
Number of Total Marginal Product Marginal Marginal Wage Marginal Workers Output Product Price Revenue Revenue Rate Cost of Product L'a.bor 0 0 0 0 0 0 100 100 $2.50 $2.50 $2 50 $50.00 $50.00 175 2.40 2.264 56.25 225 2.30 10.00 250 2.20 . 80.00 Please fillStep by Step Solution
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