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Hallman's is a firm in a perfectly competitive industry. The firm rents the plant (building, machinery, and equipment) it uses for production at $1500 per
Hallman's is a firm in a perfectly competitive industry. The firm rents the plant (building, machinery, and equipment) it uses for production at $1500 per hour. Each unit of output requires $5 worth of materials. Each worker costs $7.50 per hour. The following table provides the labor hours employed with the quantity of output, Q, produced at that level of labor hours. Number of worker hours Output 0 25 100 50 250 75 375 100 450 125 500 150 525 175 530
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