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\begin{tabular}{|c|c|c|c|c|c|c|}
\hline
\multirow{2}{}{Points} & \multirow{2}{}{Labor (workers)} & \multicolumn{2}{|c|}{Total Labor Cost (dollars per hour)} & \multicolumn{3}{|c|}{Marginal Resource Cost (dollars per hour)} \\
\cline{3-7}
& & Value & & Value & & \\
\hline
1 & 1 & 10 & & 8 & 10 & \\
\hline
2 & 2 & 20 & & & 10 & \\
\hline
3 & 3 & 30 & & & 10 & \\
\hline
4 & 4 & 40 & & & 10 & \\
\hline
5 & 5 & 50 & & & 10 & \\
\hline
6 & 6 & 60 & & & 10 & \\
\hline
7 & 7 & 70 & & & 10 & \\
\hline
\end{tabular}

b. Graph the marginal resource cost of labor (MRC) for Stephanie's business.

Instructions: Use the tool provided "MRC" to plot the line point by point, starting from 1 worker up to 7 workers (7 points total).



Answer :

GinnyAnswer
Certainly! To solve this problem, let's plot the Marginal Resource Cost (MRC) for Stephanie's business step-by-step:

1. Understand the Concept:
- The Marginal Resource Cost (MRC) is the additional cost of employing one more unit of labor (worker).

2. Identify MRC from the Table:
- According to the table provided, the MRC remains constant at \[tex]$10 per hour for each additional worker. 3. Plot the Data: - We will plot the number of workers on the x-axis and the MRC on the y-axis. - Since the MRC is constant and equal to \$[/tex]10 for each worker, the graph will be a horizontal line.

Here are the points to plot:

- For 1 worker: MRC = \[tex]$10 - For 2 workers: MRC = \$[/tex]10
- For 3 workers: MRC = \[tex]$10 - For 4 workers: MRC = \$[/tex]10
- For 5 workers: MRC = \[tex]$10 - For 6 workers: MRC = \$[/tex]10
- For 7 workers: MRC = \[tex]$10 4. Graph the Line: - To plot the points: - x-axis (Labor: 1, 2, 3, 4, 5, 6, 7) - y-axis (MRC: 10, 10, 10, 10, 10, 10, 10) The graph will be a horizontal line at \$[/tex]10 on the y-axis. Here is an approximate visual representation:

```
MRC (dollars per hour)
|
12 |-------------------------------
|
10 |----o----o----o----o----o----o----o-
|
8 |
|
6 |
|
4 |
|
2 |
|
|____________________________________
1 2 3 4 5 6 7
Labor (workers)
```

Each 'o' represents a plotted point for each level of labor from 1 to 7 workers, all with an MRC of \$10.

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