Business, 17.06.2020 22:57 Marqiuse412
Suppose a firm is operating in both a perfectly competitive product market and perfectly labor market. The firm’s short run production is Q = L2; where Q is output and L is labor, expressed in millions. Marginal product of labor (MPL) = 2L and wage is 10. The price of the product is $ 2. Based on information above, the marginal revenue (MR) is:
a. $0.2
b. $10
c. $5
d. $2
Answers: 1
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