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Given the following information, complete the tables as shown and determine the approximate number of workers to be hired by the firm in equilibrium. Output
Given the following information, complete the tables as shown and determine the approximate number of workers to be hired by the firm in equilibrium.
Output | Workers | Wage | Price of Output | Total Labor Cost | Total Revenue | Profit | Marginal Revenue | Marginal Cost |
0 | 0 | $ - | - | - | - | - | - | - |
4 | 1 | $10.00 | 6 | $10.00 | $24.00 | $6.00 | $2.50 | |
8 | 2 | $11.00 | 6 | |||||
12 | 3 | $12.10 | 6 | |||||
16 | 4 | $13.31 | 6 | |||||
20 | 5 | $14.64 | 6 | |||||
24 | 6 | $16.11 | 6 | |||||
28 | 7 | $17.72 | 6 | |||||
32 | 8 | $19.49 | 6 | |||||
36 | 9 | $21.44 | 6 | |||||
40 | 10 | $23.58 | 6 |
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