The following table is for a purely competitive market for resources. Number of Total Workers Product Product Price 0 0 $3 1 16 2 26 MM 3 3 3 34 3 4 40 3 5 ST 44 3 At a wage rate of $23 per worker, the firm will choose to employ

What is die price commonly called in the labor market?

Spud sells French fries at the county fair and charges $6 per bucket of fries. By hiring one cook at $10 per hour, the stand can provide 240 buckets of fries per eight-hour day. By hiring a second cook at the same wage rate, the stand can now provide a total of 420 buckets per day. Calculate the marginal product of the second cook.

Graph the supply curve for a factor ofproduction, and explain what determines the supplyof labor.