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51. A firm operating in competitive input and output markets purchases new technology, which shifts the total product schedule from A to B, as shown in the data below. At the market wage rate of $30 and product price of $5 this firm will: Schedule A Number of Total Product 30 40 48 54 59 63 Workers 1 2 3 4 5 6 Schedule B Number of Workers 1 23456 Total Product 35 47 57 65 71 76 A. Hire the same number of laborers in both situations B. Increase the number of laborers hired from 4 to 6 C. Decrease the number of laborers hired from 4 to 3 D. Increase the number of laborers hired from 4 to 5

51. A firm operating in competitive input and output markets purchases new technology, which shifts the total product schedule from A to B, as shown in the data below. At the market wage rate of $30 and product price of $5 this firm will: Schedule A Number of Total Product 30 40 48 54 59 63 Workers 1 2 3 4 5 6 Schedule B Number of Workers 1 23456 Total Product 35 47 57 65 71 76 A. Hire the same number of laborers in both situations B. Increase the number of laborers hired from 4 to 6 C. Decrease the number of laborers hired from 4 to 3 D. Increase the number of laborers hired from 4 to 5

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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51. A firm operating in competitive input and output markets purchases new technology, which shifts the total product schedule from A to B, as shown in the data below. At the market wage rate of $30 and product price of $5 this firm will: Schedule A Number of Total Product 30 40 48 54 59 63 Workers 1 2 3 4 56 Schedule B Number of Workers 1 2 3 4 5 6 Total Product 35 47 57 65 71 76 A. Hire the same number of laborers in both situations B. Increase the number of laborers hired from 4 to 6 C. Decrease the number of laborers hired from 4 to 3 D. Increase the number of laborers hired from 4 to 5
Transcribed Image Text:51. A firm operating in competitive input and output markets purchases new technology, which shifts the total product schedule from A to B, as shown in the data below. At the market wage rate of $30 and product price of $5 this firm will: Schedule A Number of Total Product 30 40 48 54 59 63 Workers 1 2 3 4 56 Schedule B Number of Workers 1 2 3 4 5 6 Total Product 35 47 57 65 71 76 A. Hire the same number of laborers in both situations B. Increase the number of laborers hired from 4 to 6 C. Decrease the number of laborers hired from 4 to 3 D. Increase the number of laborers hired from 4 to 5
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