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Your company, Let It Ride, produces high-quality poker chips that are used in casinos around the world. Below is the estimated production schedule for the
Your company, Let It Ride, produces high-quality poker chips that are used in casinos around the world. Below is the estimated production schedule for the company's product for a given month: Labor Output 0 0 units 7 600 units 1,100 units 1,400 units ,650 units 1,800 units 1,925 units 2,025 units 2,105 units 2,165 units 10 2,200 units 11 2,220 units a) Currently, your poker chips sell for $5 per unit. If the cost of hiring labor is $1,000 per worker for the month, how many workers would you recommend to hire in order to maximize the company's profit? b) This year's vacation season in the United States has seen a dramatic decrease due to an unusually harsh strain of flu. Accordingly, travel is down and casinos have less need to replace their inventory of poker chips. As a result, the price of your product has fallen to $3 per unit. How many workers would you employ this month in order to maximize the company's profit? Explain
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