Fill in the formula for MP, MRP, and Additional Profit at the top of the column

Question

Fill in the formula for MP, MRP, and Additional Profit at the top of the column in the gray sections within the table.
Fill in the missing values for MP, MRP, and Additional Profit in the blue sections of the table.

Number of Workers
0
1
2
3
4
5
6

Output of Televisions per Week
0
8
15
21
26
30
33

Marginal Product of Labor (MP)

Product Price
$300
300
300
300
300
300
300

Marginal Revenue Product of Labor (MRP)

Wage (Dollars Per Week)
$1,800
1,800
1,800
1,800
1,800
1,800
1,800

Additional Profit from Hiring One More Worker



C. Identify the profit-maximizing quantity of labor. Explain how you arrived at your answer.
D. Is this firm a price taker or a price maker? Explain.

Please show Formulas along with the final correct answer.
150 to 250 words that contains all answers.
Thank you

Explanation / Answer

MP (marginal productivity of labour = dQ/dL where Q is output and L is labour in equilibrium MP = W/P marginal revenue product (MR) = P*MP in equilibrium P*MP = W profit maximising quantity that is equilibrium will be when MP = W/P =>given product price =$300 and wage =$1800 =>MP = 1800/300 = 6 as it is competitive market firm is price taker.

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