Question
Questions 10 - 11 are based on the data in the following table.Assume that the labor market is perfectly competitive. Labor Output Price (D 1
Questions 10 - 11 are based on the data in the following table.Assume that the labor market is perfectly competitive.
LaborOutputPrice (D1)Price (D2)
00$10.00$10.00
11510.009.50
22910.009.00
34210.008.50
45410.007.50
56510.006.50
67510.005.50
Suppose product demand is given by the column labeled D1.If the wage rate is $100, the firm will achieve maximum profit by hiring _____ workers.
a.3b.4c.5d.6
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Macroeconomics
Authors: David Colander
8th edition
978-0078004407, 78004403, 978-0077247171, 77247175, 978-0077307110
