The question is based on the following information for a firm under conditions of perfect competition: ____________________________________________________________________________
Question:
The question is based on the following information for a firm under conditions of perfect competition:
____________________________________________________________________________
Number of workers MP of L Product's Price the value of MP of L
(1) (2) (3) (4) = (2) (3)
____________________________________________________________________________
14 16
13 14
12 10
11 9
10 8
_____________________________________________________________________________
If the price of the product is $10 per unit and the firm must pay $140 per worker employed, how many workers should the firm hire to maximize profits?
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling