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Considerthe pottery example from class. Clay and labor are inputs. Assume that the market demand for pots is given by: O = 79 , P
Considerthe pottery example from class. Clay and labor are inputs. Assume that the market demand for pots is given by: O = 79 , P Assume that the market supply of pots is given by: O = P Suppose t he costs are $8 per piece at a pottery firm. Lina works full time at this pottery rm and she delivers 30 pots per week. Calculate how much Lina should be paid per week if the labor and pottery markets are both perfectly competitive
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