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Problem-
Suppose that a competitive firm is facing the following Marginal Revenue Product and Average Revenue Product curves.
• If the wage rate is $20, how many workers will the firm hire? Explain your answer.
• If the wage rate is $30, how many workers will the firm hire? Explain your answer.
• If the wage is $60, how many workers will the firm hire? How much output will the firm produce? Explain how you found this answer.
Additional Information-
The problem is belongs to Economics and it is explain about calculation of wage rate for number of workers being hired by a firm with the above marginal revenue product and average revenue product curves. The answers are given in detail in the answer.
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