3 If the market wage rate rises to 10 an hour, how many workers will Tom hire?...
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3 If the market wage rate rises to £10 an hour, how many workers will Tom hire?
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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Related Book For 
Economics
ISBN: 9781118150122
10th European Edition
Authors: Michael Parkin, Dr Melanie Powell, Prof Kent Matthews
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