Suppose you are the President of Company X., a producer of M

Suppose you are the President of Company X., a producer of Music… Show more A. Resource Markets (10pts): Suppose you are the President of Company X., a producer of Music. Assume Company X operates in a perfectly competitive product and perfectly competitive resource market. The market price (P) for each CD is given at $10 and the market wage rate (w) for labor is given at $160 per worker. # units of labor Total Product Marginal Product (MP) Product Price (P) Total Revenue (TR) Marginal Revenue Product (MRP) 0 0 — $10 $0 — 1 30 $10 2 58 $10 3 84 $10 4 108 $10 5 130 $10 6 150 $10 7 168 $10 8 184 $10 9 198 $10 10 210 $10 a. Fill in the columns in the table above for MP, TR, and MRP (6pts). b. Based on the data above and using the MRP = MRC Rule, find the # of units of labor that this firm should hire (L*). How do you know? (4pts) **please be detailed • Show less

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