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Assume that a firm has predetermined sales revenues of $100, which it produces with one unit of labour. It can produce its output with varying degrees of safety, at a cost of $10 per unit of safety. Its total costs are given by TC = W+10S, where W is the wage it pays its worker and S is the amount of safety provided.
a. Graph the isoprofit schedule for this firm, for level of profits = 0, and profits = 50.
b. Assume that there is another firm, with a predetermined level of sales revenue equal to 75. Its total costs are given by TC = W+5S. Assume that both firms earn zero profits. On a graph, show the "employer's offer curve" for those two firms.
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