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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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https://brainmass.com/economics/output-and-costs/finding-optimal-number-workers-315336

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 ...

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.

$2.19