If the marginal product of labor is (M P_{L}=9-L), the market price is (p=10) and the wage
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If the marginal product of labor is \(M P_{L}=9-L\), the market price is \(p=10\) and the wage rate is \(w=10\), how many units of labor will a competitive firm hire? How does your answer change if the government imposes a specific tax of 5?
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A competitive firm hires labor L up to the point at which the margi...View the full answer
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