The table below shows the total production for varying numbers of hours worked producing yo-yos. The firm sells its product and hires its workers in competitive markets.
Number of
Hours Worked | Number of
Yo-Yos
Produced | Wage Rate
per Hour (S) | Price of Yo-Yos
($) |
| 10 | 60 | 10 | 5 |
| 11 | 70 | 10 | 5 |
| 12 | 78 | 10 | 5 |
| 13 | 84 | 10 | 5 |
| 14 | 88 | 10 | 5 |
| 15 | 90 | 10 | 5 |
TABLE 13-4
Refer to Table 13-4. If plotted on a graph, the marginal revenue product curve for the "number of hours worked" would be the same as
◦ the firm's demand curve for hours worked, and would be downward sloping and linear.
◦ the firm's marginal revenue curve, and would be horizontal at $5 because this firm is operating in a competitive labour market.
◦ the firm's demand curve for yo-yos, and would be downward sloping and linear.
◦ the firm's marginal product curve, and would be downward sloping and convex to the origin.
◦ the firm's marginal product curve, and would be downward sloping and concave to the origin.
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