Question
The following data is applicable to the following 5 questions (1-5). MRPL = MEL = 17; L* = 50; LM = 48; W* = $13;
The following data is applicable to the following 5 questions (1-5). MRPL = MEL = 17; L* = 50; LM = 48; W* = $13; and WM = $10.75.
1. What is the total cost of labor?
2. What is labor's contribution to the firm's gross revenues?
3. What is labor's contribution to the firm's profits?
4. This is a profit-maximizing firm. True or False
5. What is the expected mobility cost per hour?
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Modeling Monetary Economies
Authors: Bruce Champ, Scott Freeman, Joseph Haslag
4th Edition
1316508671, 1316508676, 9781316723302 , 978-1107145221
