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Business, 14.04.2021 23:00 19thomasar

1. Suppose Firm A sells its output in a perfectly competitive market at a price of $20 per unit. The firm also hires its labor in a perfectly competitive market at a wage rate of $300 per laborer. Complete the table for MPL1 and MRP1. # of Laborers Total Product MPL1 MRP1 MRP2

1 20 20 $300

2 60 40

3 95 35

4 128 33

5 153 25

6 168 25

7 173 5

8 170 -3

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