Questions: Consider a company operating in a competitive market. The company sells units of output and receives a price of 20 per unit, and pays a daily market wage of 330 to each worker it employs. labor (Number of workers) Output (Units of output) Marginal Product of Labor (Units of output) Value of the Marginal Product of Labor (Dollars) ------------ 0 0 1 20 20 2 39 19 3 57 18 4 72 15 5 84 12 Hint: Remember to plot each point halfway between the two integers. for example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points.

Transcript text: Consider a company operating in a competitive market. The company sells units of output and receives a price of $20 per unit, and pays a daily market wage of $330 to each worker it employs. \begin{tabular}{|c|c|c|c|} \hline \begin{tabular}{l} labor \\ (Number of workers) \end{tabular} & \begin{tabular}{l} Output \\ (Units of output) \end{tabular} & \begin{tabular}{l} Marginal Product of Labor \\ (Units of output) \end{tabular} & Value of the Marginal Product of Labor (Dollars) \\ \hline 0 & 0 & & \\ \hline 1 & 20 & 20 & \\ \hline 2 & 39 & 19 & \\ \hline 3 & 57 & 18 & \\ \hline 4 & 72 & 15 & \\ \hline 5 & 84 & 12 & \\ \hline \end{tabular} Hint: Remember to plot each point halfway between the two integers. for example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points.