The following table depicts the product market and labor market an MP3 player manufacturer faces. a. Calculate
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The following table depicts the product market and labor market an MP3 player manufacturer faces.
a. Calculate the firm's marginal physical product, total revenue, and marginal revenue product at each input level above 10 units.
b. The firm competes in a perfectly competitive labor market, and the market wage it faces is $100 per worker per day. How many workers will the profit-maximizing employer hire?
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