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Using the table below, assume that the firm makes $3 profit on each unit of output sold (before paying their workers). If the wage rate
- Using the table below, assume that the firm makes $3 profit on each unit of output sold (before paying their workers). If the wage rate is $28, how many workers would they hire? If the wage was $33, how many workers would they hire? Why?
| Units of Labor | Output | Marginal Output |
| 1 | 14 | |
| 2 | 30 | |
| 3 | 46 | |
| 4 | 61 | |
| 5 | 73 | |
| 6 | 63 | |
| 7 | 71 | |
| 8 | 77 | |
| 9 | 81 | |
| 10 | 83 |
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Analyzing Superfund Economics, Science And Law
Authors: Richard L Revesz, Richard B Stewart
1st Edition
1317354796, 9781317354796
