Suppose a firm's short-run total product schedule is given in the table below. It sells its output in a competitive market for $1.50 per unit.
Labor Total Product Marginal Product Marginal Revenue Product
0 0 1 8 2 18 3 29 4 39 5 47 6 52 7 53 8 53 A) What is the marginal product of the first worker?
B) What is the marginal revenue product of the first worker?
C) Complete the rest of the table. How many workers will this firm hire at a wage of $7?
D) If the wage rises to $9, how will the firm adjust its employment?