Let A Firm Be In A Perfectly Competitive Output Market With The Following Data About Production Quantity Of Workers Mar 1 (22.26 KiB) Viewed 12 times
Let A Firm Be In A Perfectly Competitive Output Market With The Following Data About Production Quantity Of Workers Mar 2 (15.24 KiB) Viewed 12 times
Let a firm be in a perfectly competitive output market with the following data about production. Quantity of Workers Marginal Product of Labor 10 80 11 75 12 70 13 66 14 59 15 48 16 40 17 36 18 31 19 25
a. Given that the industry is perfectly competitive, let us suppose that the price of the output is fixed at 90 pesos. If the labor market is also perfectly competitive and the wage of the worker is fixed at 5000, is it better for the firm to hire more or less than 15 workers? Explain briefly. (1-2 sentences)
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