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Assume the firm that operates with production function described in Table 8.1 is a perfectly competitive manufacturer of jeans. The price of output is $85.

Assume the firm that operates with production function described in Table 8.1 is a perfectly competitive manufacturer of jeans. The price of output is $85. The firm chooses to employ three workers. What is the competitive daily wage?

$85

$425

$2,550

$680

$170

Number of Employees (per Total Product (per day) day) 1 17 2 25 3 30 4 32

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