In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is depicted in the table below. Assume the product...

Extracted text: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is depicted in the table below. Assume the product price is $6. Calculate the marginal revenue product and the marginal resource cost, and then complete the table. Instructions: Enter your answers as whole numbers. Quantity of Labor Marginal Product Marginal Revenue Product ($) Hourly Wage Rate ($) Marginal Resource Total Product Total Labor Cost ($) (Labor) Cost ($) 10 400 90 11 416 16 12 132 12 430 14 15 180 13 442 12 18 234 14 452 10 21 294 15 460 8. 24 360 The equilibnum wage rate ($) 3 The equilibrium level of labor use = workers