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3 ut of A painting company sells its service in a perfectly competitive product market, and hires workers from a perfect
Posted: Wed Jul 06, 2022 6:33 pm
by answerhappygod
- 3 Ut Of A Painting Company Sells Its Service In A Perfectly Competitive Product Market And Hires Workers From A Perfect 1 (24.01 KiB) Viewed 23 times
3 ut of A painting
company sells its service in a perfectly competitive product market, and hires workers from a perfectly competitive labour market. • It receives a market price of $11 per unit of output, and pays a wage of $70 per hour of work • For a given day, it has a fixed supply of paints and vans, but can vary the labour it hires. Its marginal physical product of labour today is given by MPP (N)-10-0.2N, where N is hours of work How many hours of work should it hire today to maximize profit? Enter your answer in numerical form. Round to two decimal places if required. Answer: