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The firm is in a perfectly competitive market There are onl.pdf

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The firm is in a perfectly competitive market. There are only 2 inputs: Labor (which costs you $150 per worker, labeled L in the graph) and Rent ($300, the fixed cost). Fixed cost = Rent =300 Variable cost = Labor =150 Price =6 Complete the worksheet ( 8 points) Answer the questions. How many units of Labor should the firm use to have an optimal level of production? (1 point) Why? Explain your answer. ( 3 point) Should the firm stay open or shut down in the short run? (1 point) Why? Explain your answer. (3 points).

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The firm is in a perfectly competitive market. There are only 2 inputs: Labor (which costs you $150 per worker, labeled L in the graph) and Rent ($300, the fixed cost). Fixed cost = Rent =300 Variable cost = Labor =150 Price =6 Complete the worksheet ( 8 points) Answer the questions. How many units of Labor should the firm use to have an optimal level of production? (1 point) Why? Explain your answer. ( 3 point) Should the firm stay open or shut down in the short run? (1 point) Why? Explain your answer. (3 points)

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The firm is in a perfectly competitive market There are onl.pdf

  • 1. The firm is in a perfectly competitive market. There are only 2 inputs: Labor (which costs you $150 per worker, labeled L in the graph) and Rent ($300, the fixed cost). Fixed cost = Rent =300 Variable cost = Labor =150 Price =6 Complete the worksheet ( 8 points) Answer the questions. How many units of Labor should the firm use to have an optimal level of production? (1 point) Why? Explain your answer. ( 3 point) Should the firm stay open or shut down in the short run? (1 point) Why? Explain your answer. (3 points)