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Use TABLE 1. Debbie owns a bakery and can hire workers to produce cakes selling in a competitive output market at $10 each. If Debbie
Use TABLE 1. Debbie owns a bakery and can hire workers to produce cakes selling in a competitive output market at $10 each. If Debbie must pay each worker a competitive market wage of $40 per day, how many workers will she hire to maximize profit? TABLE 1: Debbie's Bakery L TP MP MRPL W 1 3 3 $40 2 10 $40 3 16 $40 4 21 5 25 4 6 28 30 three. four. Five. six.Use FIGURE 3. A decrease in population that decreases the number of workers, will lead to a(n) in the equilibrium quantity of labor and a(n) _in the equilibrium price of labor. FIGURE 3: Equilibrium in the Labor Market Wage Market rate labor supply curve Market labor demand curve Quantity of labor (workers) increase; increase. decrease; increase. increase; decrease. decrease; decrease
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