Chapter 7

Column (2) in Table 7.3 gives the marginal product of labor as read off from the MPL curve in stage II, in the bottom panel of Figure 7-2. The fractional units of labor are based on the assumption that the firm can hire labor for half a day at a time. Column (3) gives P = MR = $10. Column (4) gives MRPL, which is equal to (MPL) (MR). ................
................

In order to avoid copyright disputes, this page is only a partial summary.