ECON 221 Diablo Valley College MRP in Pure Competition Report Below is a table for a firm hiring under perfect competition. Fill in the table and answer th

ECON 221 Diablo Valley College MRP in Pure Competition Report Below is a table for a firm hiring under perfect competition. Fill in the table and answer the questions in the document. Please make sure that the answers are typed.

good sold = $3 – goods sold under perfect competition

You should enter your answers as 1a=…;1b=…. You do not need to submit the table since your answers are based on those calculations

If wage was $12 per worker and producer is hiring under perfect competition
How many workers should you hire?
What would be the total profit?
If the wage fell to $ 6
How many workers would you hire?
What would be the total profits?
What is the reason why Marginal Product (MP) is decreasing? Q
TP
MP
0
0
1
7
2
6
3
5
4
4
5
3
6
2
7
1
TR
MRP
MFC
TC
Profits
Price of good sold = $3 – goods sold under perfect competition
You should enter your answers as 1a=…;1b=…. You do not need to submit the table since your answers
are based on those calculations
1- If wage was $12 per worker and producer is hiring under perfect competition
a. How many workers should you hire?
b. What would be the total profit?
2- If the wage fell to $ 6
a. How many workers would you hire?
b. What would be the total profits?
3- What is the reason why Marginal Product (MP) is decreasing?

Purchase answer to see full
attachment