The Questions Below Are Based on the Table Below The Supply of Labor Is W = 10 + 3Q_L

question 36

Essay

The questions below are based on the table below. Fill in the blank spaces first.
$$\begin{array} { l c c c c c } \text { Amount of Labor } & 1 & 2 & 3 & 4 & 5 \\\text { Total Product } & 10 & 22 & - & 36 & 40 \\\text { Marginal Product of Labor } &- & -& 8 &-& -\\\text { Value of \( \mathrm{MP}_{\mathrm{L}} \) if Product Price \( =4 \)} &- & -& -&-& -\\\text {\( \mathrm{MRP}_{\mathrm{L}} \text {if Product Demand is } \mathrm{P}=5-.05 \mathrm{Q}\) } &- & -& - &-& -\\\hline\end{array}$$ The Supply of Labor is W = 10 + 3Q_L
How many laborers will be hired and what will the wage be if both product and labor markets are perfect and the going wage is $18 per worker?

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Definitions:

Market Price

The price at which a good or service is offered in the marketplace, determined by supply and demand dynamics.

Total Product

The total quantity of goods or services produced by a firm or economy at a given time.

Profit-Maximizing Output

The level of production that maximizes a firm’s profits, determined by the intersection of marginal cost and marginal revenue.

Total Revenue

The total income earned by a firm from selling its products or services, calculated as the quantity sold multiplied by the selling price.