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April 18, 2014

Homework Help: economics

Posted by Anonymous on Monday, April 16, 2012 at 9:08am.

Suppose that for the firm below, the goods market is perfectly competitive. The market price of the product the firm produces is $4 at each quantity supplied by the firm. What is the amount of labor that this profit-maximizing firm will hire, and what wage rate will it pay?

Labor Supplied Total Physical Product Hourly Wage Rate($)
10 100 5
11 109 6
12 116 7
13 121 8
14 124 9
15 125 10

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