1. 11. For Acme Manufacturing, the marginal product of labor is Acme sells output for $10 per...

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1. 11. For Acme Manufacturing, the marginal product of labor is Acme sells output for $10 per unit.

MPL=10−2L.

a. Sketch the value of the marginal product of labor

(VMPL). How many workers will Acme hire given a wage of $40?

b. Repeat, but after the output price increases to $20 per unit. Does this change induce Acme to hire more or fewer workers?

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Microeconomics, 2/e

ISBN: 253021

2nd Edition

Authors: Acemoglu, Daron & Laibson, David & List, John

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Question Posted: Nov 18, 2024 03:00 AM

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1. 11. For Acme Manufacturing, the marginal product of labor is Acme sells output for $10 per...

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Microeconomics, 2/e

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