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1. P&L is a prot-maximizing shirt manufacturing rm. The rm can sell all the shirts it can produce to retailers at a price of $20

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1. P&L is a prot-maximizing shirt manufacturing rm. The rm can sell all the shirts it can produce to retailers at a price of $20 each. P&L can hire all of the workers it wants at a market wage of $120 per day per worker. The table below shows the rm's short-run production function. Number of Number of Shirts Workers Per Day 0 0 72 80 85 n- 5 6 7 .- (a) In what kind of market structure does this rm sell its output? How can you tell? (b) In what kid of market structure does this rm hire its workers? How can you tell? (c) Calculate the marginal revenue product of the third worker. Show your work. (d) How many workers should the rm hire to maximize prot? Explain

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