Answer :
Let’s fill in the missing information step by step:
1. Units of Labor: This column lists the number of workers hired, ranging from 0 to 6.
2. Total Product: This column lists the total output produced, corresponding to the units of labor. Given are:
[tex]\[ [0, 17, 31, 43, 53, 60, 65] \][/tex]
3. Marginal Product: This is the additional output produced as we hire one more worker. Given are:
[tex]\[ ['-', 17, 14, 12, 10, 7, 5] \][/tex]
4. Price per Unit: Given the price per unit decreases by 5 cents as more units are sold. Starting at [tex]$2.20$[/tex], the prices for each unit of labor are:
[tex]\[ [2.20, 2.1500000000000004, 2.1, 2.0500000000000003, 2.0, 1.9500000000000002, 1.9000000000000001] \][/tex]
Rounded to two decimal places:
[tex]\[ [2.20, 2.15, 2.10, 2.05, 2.00, 1.95, 1.90] \][/tex]
5. Total Revenue: The total revenue is the total product multiplied by the sale price per unit. Given are:
[tex]\[ [0.0, 36.550000000000004, 65.10000000000001, 88.15, 106.0, 117.00000000000001, 123.50000000000001] \][/tex]
Rounded to two decimal places:
[tex]\[ [0.00, 36.55, 65.10, 88.15, 106.00, 117.00, 123.50] \][/tex]
6. Marginal Revenue Product: This is the additional revenue generated by hiring one more worker:
[tex]\[ ['-', 36.550000000000004, 28.550000000000004, 23.049999999999997, 17.849999999999994, 11.000000000000014, 6.5] \][/tex]
Rounded to two decimal places:
[tex]\[ ['-', 36.55, 28.55, 23.05, 17.85, 11.00, 6.50] \][/tex]
Now, let's compile this into the table:
[tex]\[ \begin{array}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|c|}{ \text{Imperfectly Competitive Market} } \\ \hline \begin{array}{l} \text{Units of} \\ \text{Labor} \end{array} & \begin{array}{l} \text{Total} \\ \text{Product} \end{array} & \begin{array}{l} \text{Marginal} \\ \text{Product} \end{array} & & & & \begin{array}{l} \text{Total} \\ \text{Revenue} \end{array} & \begin{array}{l} \text{Marginal} \\ \text{Revenue} \\ \text{Product} \end{array} \\ \hline 0 & 0 & - & \$ & & \$ & & - \\ \hline 1 & 17 & 17 & \$ & 2.20 & \$ & 36.55 & 36.55 \\ \hline 2 & 31 & 14 & \$ & 2.15 & \$ & 65.10 & 28.55 \\ \hline 3 & 43 & 12 & \$ & 2.10 & \$ & 88.15 & 23.05 \\ \hline 4 & 53 & 10 & \$ & 2.05 & \$ & 106.00 & 17.85 \\ \hline 5 & 60 & 7 & \$ & 2.00 & \$ & 117.00 & 11.00 \\ \hline 6 & 65 & 5 & \$ & 1.95 & \$ & 123.50 & 6.50 \\ \hline \end{array} \][/tex]
### Comparing to a Perfectly Competitive Market
In a perfectly competitive market, the firm's marginal revenue product would be constant as each additional unit of labor would yield the same revenue per unit product. The demand curve for labor in an imperfectly competitive market shows diminishing marginal revenue product as more labor is employed.
In an imperfectly competitive market, each additional unit of labor results in a lower marginal revenue, especially at higher quantities of labor. This makes the demand for labor in an imperfect market less elastic compared to that in a perfectly competitive market.
1. Units of Labor: This column lists the number of workers hired, ranging from 0 to 6.
2. Total Product: This column lists the total output produced, corresponding to the units of labor. Given are:
[tex]\[ [0, 17, 31, 43, 53, 60, 65] \][/tex]
3. Marginal Product: This is the additional output produced as we hire one more worker. Given are:
[tex]\[ ['-', 17, 14, 12, 10, 7, 5] \][/tex]
4. Price per Unit: Given the price per unit decreases by 5 cents as more units are sold. Starting at [tex]$2.20$[/tex], the prices for each unit of labor are:
[tex]\[ [2.20, 2.1500000000000004, 2.1, 2.0500000000000003, 2.0, 1.9500000000000002, 1.9000000000000001] \][/tex]
Rounded to two decimal places:
[tex]\[ [2.20, 2.15, 2.10, 2.05, 2.00, 1.95, 1.90] \][/tex]
5. Total Revenue: The total revenue is the total product multiplied by the sale price per unit. Given are:
[tex]\[ [0.0, 36.550000000000004, 65.10000000000001, 88.15, 106.0, 117.00000000000001, 123.50000000000001] \][/tex]
Rounded to two decimal places:
[tex]\[ [0.00, 36.55, 65.10, 88.15, 106.00, 117.00, 123.50] \][/tex]
6. Marginal Revenue Product: This is the additional revenue generated by hiring one more worker:
[tex]\[ ['-', 36.550000000000004, 28.550000000000004, 23.049999999999997, 17.849999999999994, 11.000000000000014, 6.5] \][/tex]
Rounded to two decimal places:
[tex]\[ ['-', 36.55, 28.55, 23.05, 17.85, 11.00, 6.50] \][/tex]
Now, let's compile this into the table:
[tex]\[ \begin{array}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|c|}{ \text{Imperfectly Competitive Market} } \\ \hline \begin{array}{l} \text{Units of} \\ \text{Labor} \end{array} & \begin{array}{l} \text{Total} \\ \text{Product} \end{array} & \begin{array}{l} \text{Marginal} \\ \text{Product} \end{array} & & & & \begin{array}{l} \text{Total} \\ \text{Revenue} \end{array} & \begin{array}{l} \text{Marginal} \\ \text{Revenue} \\ \text{Product} \end{array} \\ \hline 0 & 0 & - & \$ & & \$ & & - \\ \hline 1 & 17 & 17 & \$ & 2.20 & \$ & 36.55 & 36.55 \\ \hline 2 & 31 & 14 & \$ & 2.15 & \$ & 65.10 & 28.55 \\ \hline 3 & 43 & 12 & \$ & 2.10 & \$ & 88.15 & 23.05 \\ \hline 4 & 53 & 10 & \$ & 2.05 & \$ & 106.00 & 17.85 \\ \hline 5 & 60 & 7 & \$ & 2.00 & \$ & 117.00 & 11.00 \\ \hline 6 & 65 & 5 & \$ & 1.95 & \$ & 123.50 & 6.50 \\ \hline \end{array} \][/tex]
### Comparing to a Perfectly Competitive Market
In a perfectly competitive market, the firm's marginal revenue product would be constant as each additional unit of labor would yield the same revenue per unit product. The demand curve for labor in an imperfectly competitive market shows diminishing marginal revenue product as more labor is employed.
In an imperfectly competitive market, each additional unit of labor results in a lower marginal revenue, especially at higher quantities of labor. This makes the demand for labor in an imperfect market less elastic compared to that in a perfectly competitive market.
