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3 (12 points) Suppose a firm's short run production function is given in the following table: L q 0 0 1 25 2 60 3

3 (12 points) Suppose a firm's short run production function is given in the following table: L q 0 0 1 25 2 60 3 100 4 130 5 150 6 165 7 170 8 174 9 177 10 179 Also, suppose the price of output, Px, is Px = $6. Please complete the following table: Wage rate (w = price of Labor) # of workers the firm should hire $110 $25 $15

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Statistics For Engineers And Scientists

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