Quantity of Labor 1 2 3 4 Figure 12-8 Pies Per Day 20 60 90 110 5 120 Figure 12-8 provides production data for Peg's Pie Shop, indicating the output per day with different numbers of employees. The shop sells its pies and hires its labor in perfectly competitive markets. Currently, the equilibrium price of a pie is $5, and the equilibrium wage rate is $80 per day. In order to maximize profit, Peg's Pie Shop should hire 2 workers 5 workers 3 workers 4 workers 1 worker

Quantity of Labor 1 2 3 4 Figure 12-8 Pies Per Day 20 60 90 110 5 120 Figure 12-8 provides production data for Peg's Pie Shop, indicating the output per day with different numbers of employees. The shop sells its pies and hires its labor in perfectly competitive markets. Currently, the equilibrium price of a pie is $5, and the equilibrium wage rate is $80 per day. In order to maximize profit, Peg's Pie Shop should hire 2 workers 5 workers 3 workers 4 workers 1 worker

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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