Col1 units of labor 0 1 2 3 4 5col2 quantity of output 0 10 18 25 31 33col3 marginal revenue $10 10 10 10 10 refer above .assume that the firm is a factor price taker and that the price of a unit of labor is constant at $60. the firm should hire of labor. a. one unitb. three unitsc. five unitsd. two unitse. four units

correct option is E. four units

Explanation:

given data

Units of Labor                  0    1    2   3    4   5

Quantity of Output          0   10  18  25  31  33

Marginal Revenue           10  10  10  10  10  10

labor price unit = $60

to find out

how many labour firm should hire

solution

we can say firm should hire 4 unit labour

because as we know MRP is equal to wage so

and Marginal Revenue is constant so P = $10

so MPP of 4th labor will be

MPP 4th = 31 - 25

MPP 4th = 6

so MR Price = MPP × price

MRP = 6 × 10 = $60

so correct option is E. four units

the correct answer is - no.

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