Answer the question. Explain. 4. Assume this firm hires its labor in a perfectly competitive labor market for$70 per day. It sells its output in a perfectly competitive market for $7 per unit.In order to maximize profit the firm should hire0/6Workers Output0.12525539541251456.15571608150a. 3 workersb. 4 workersO c. 6 workers) d. 8 workerse. 7 workers

In perfectly competitive market, price is constant and the firm will maximise profit where marginal…

4. Assume this firm hires its labor in a pertectly compet $70 per day. It sells its output in a perfectly competitive In order to maximize profit the firm should hire Workers Output 1 25 55 3 95 4 125 145 6. 155 7 160 8. 150 a. 3 workers O b. 4 workers O c. 6 workers

4. Assume this firm hires its labor in a pertectly compet $70 per day. It sells its output in a perfectly competitive In order to maximize profit the firm should hire Workers Output 1 25 55 3 95 4 125 145 6. 155 7 160 8. 150 a. 3 workers O b. 4 workers O c. 6 workers

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answer the question. Explain.

4. Assume this firm hires its labor in a perfectly competitive labor market for
$70 per day. It sells its output in a perfectly competitive market for $7 per unit.
In order to maximize profit the firm should hire
0/6
Workers Output
0.
1
25
2
55
3
95
4
125
145
6.
155
7
160
8
150
a. 3 workers
b. 4 workers
O c. 6 workers
) d. 8 workers
e. 7 workers

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