Suppose that labor is the only input used by a perfectly competitive firm. The firm's production function is a follows:
Days of labor units of Output
0 days 0 units
1 day 7 units
2 days 13 units
3 days 19 units
4 days 25 units
5 days 28 units
6 days 29 units
7 days 29 units
a.) calculate the marginal product for each additional worker
b.) Each unit of output sell for 10. Calculate the value of the marginal product of each worker.
c.) Compute the demand schedule showing the number of workers hired for all wages from zero to $100 a day
d.) Graph the firm's demand curve.
e.) What happens to this demand curve if the price of output rises from $10 to $12 per unit?
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