2 How many workers will Tom hire to maximise profi t and what will the workers produce?...

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2 How many workers will Tom hire to maximise profi t and what will the workers produce?

Tom hires workers to pack the tomatoes he grows. The market for tomatoes is perfectly competitive, and the price of tomatoes is £2 a box. The labour market is competitive, and the market wage rate is £8 an hour. The table shows the workers’ total product schedule.

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Economics

ISBN: 9781118150122

10th European Edition

Authors: Michael Parkin, Dr Melanie Powell, Prof Kent Matthews

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