Please see the attached 98 The first 3 columns of the following table show data for a representative firm in an industry. The last 3 columns showthe market demand and supply for the type of labour employed by this firm.Quantity ofLabourMPL $ Product Price Wage $Quantity of Labour Quantity ofSupplied$1010000$12 20000Labour Demanded850001$10$5.00$5.00$1280000750002$10$5.00$5.00$5.00$14300004$8$16 4000070000$6$18 500006500016$4$5.00$20 60000600007$2$5.00$22 7000055000$1$5.00$24 8000050000Refer to the information above to answer this question. What is the firm's_total wage bill if the firm maximizes itsprofits?Select one:O a. $192O b. $64O c. $120O d. $154e. $30

Answered: Please see the attached 98

Business

Economics

Please see the attached 98

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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