(A)Fill in Table

question 192

Essay

(a)Fill in Table.(b)Is the firm a perfect or an imperfect competitor? Explain.(c)If the wage rate were $115,how many workers would be hired? How much would the total wage bill come to? (d)If the wage rate were $60,how many workers would be hired? How much would the total wage bill come to? (e)How many workers would be hired if the wage rate were $16? (f)How many workers would the firm want to hire if the wage rate were $0?
$\begin{array}{c}\begin{array}{c}(1)\\ Units\\ of\\ Labor\end{array}&\begin{array}{c}(2)\\\\ \\ Output\end{array}&\begin{array}{c}(3)\\Marginal\\Physical\\Product\end{array}&\begin{array}{c}(4)\\\\ \\ Price\end{array}&\begin{array}{c}(5)\\Total\\Revenue\\Product\\\end{array}&\begin{array}{c}(6)\\Marginal\\Revenue\\Product\end{array}\\1 & 10 & - & \$ 17 & - & - \\2 & 20 &-& 16 & - & - \\3 & 29 & - & 15 & - & - \\4 & 37 & - & 14 & - & - \\5 & 44 & - & 13 & - & - \\6 & 49 & - & 12 & - & - \\7 & 53 & - & 11 & - & - \\8 & 55 &-& 10 & - & - &\end{array}$

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Definitions:

Multinational Corporations

Companies that operate in multiple countries, managing production or delivering services in more than one country.

Low-Wage Nations

Countries where the general level of wages is significantly lower than in developed nations.

Productive

The ability to generate a significant amount of output (goods or services) per unit of input (labor, capital, etc.).

Merchandise Balance of Trade

The difference in value between a country's merchandise exports and merchandise imports over a certain period.