Complete the following table when the price of output is $2 per unit. Number of Workers Output (Q) Marginal Product (MP) Marginal Revenue Product 1 100 100 2 160 3 210 4 250 5 270 6 280 7 285 If the wage rate is $30, how many workers should be hired?

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1) Complete the following table when the price of output is $2 per unit. Number of Workers Output (Q) Marginal Product (MP) Marginal Revenue Product 1 100 100 2 160 3 210 4 250 5 270 6 280 7 285 2) If the wage rate is $30, how many workers should be hired? 3) If the wage rate is $20, how many workers should be hired? 4) If the price of output is decreased to $1 due to a higher market competition and the wage rate is $20, how many workers should be hired? 5) Explain what will happen to the demand for labor above if a technological innovation makes workers more productive?

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