Finding optimal number of workers
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Based on the below information, if the wage rate is $500 and the price of output is $5, how many workers should the firm hire?
Number of workers Output
0 0
1 50
2 110
3 300
4 450
5 590
6 665
7 700
8 725
9 710
10 705
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Solution Summary
The solution depicts the steps to determine optimal number of workers in the given case. The wage rate and price output is provided.
Solution Preview
Please refer attached file for better clarity of table.
Solution:
L Q MPL* P MP*P MLC
0 0 $5 $0 $500
1 50 $50 $5 $250 $500
2 110 $60 $5 $300 $500
3 300 $190 $5 $950 $500
4 450 $150 $5 ...
Education
- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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