Question
The table below shows the data for Gumbles Ltd. Quantity of Labour (hours) 1 2 3 4 5 6 7 Marginal revenue product (hourly) $11
The table below shows the data for Gumbles Ltd.
Quantity of Labour (hours) | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Marginal revenue product (hourly) | $11 | $15 | $14 | $12 | $10 | $7 | $6 |
How many workers should Gumbles hire at the following wage rates? a. $12 per hour b. $10 per hour c. $7 per hour d. $6 per hour
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Economics Today The Macro View
Authors: Roger LeRoy Miller
18th Edition
0133884872, 978-0133884876
