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How many workers will this firm choose to employ

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Reference no: EM13950364

Use the production data shown on the left and the labor supply data on the right for a single firm to answer the following question. Assume that this firm is selling its product for $1 per unit in a perfectly competitive product market.

Units of Labor

Total Product

Units of Labor

Total Product

0

0

0

-

1

13

1

1

2

25

2

2

3

34

3

3

4

42

4

4

5

46

5

5

6

48

6

1. How many workers will this firm choose to employ?

2. What will be its profit-maximization wage rate?

3. What labor market model do these data best describe?

Reference no: EM13950364

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