Y7

Need C,D,E answered

a.In the resource market, what is the impact on the demand for coal if the price of the substitute good, natural gas increases?

b.The table below represents a perfectly competitive market, if the industry price is $18, calculate the marginal revenue product for the second and third workers. See the source image

c. Explain why the Value of the Marginal Product = Marginal Revenue Product for perfect competitors but these values are not equal for the monopolistic competitors.

d. In a company, if the Marginal Revenue Product of the 8th worker hired is less than the MRC for that worker, should the firm hire the 9th worker?

e. Explain Graph the resource market for passenger and freight train engineers. Show the change in the wage rate and quantity of workers hired if there is a very large number of engineers retiring and the demand for rail travel has increased in the last year.