Suppose labor is available to a firm at a cost of $12 per hour. Also suppose that employing another hour of labor adds 5 units to output and that any amount of output can be sold for $10 per unit. An additional hour of labor would add $50 in additional revenue to the firm. (Enter your response as a whole numer.) This firm should hire ▼labor.
Suppose labor is available to a firm at a cost of $12 per hour. Also suppose that employing another hour of labor adds 5 units to output and that any amount of output can be sold for $10 per unit. An additional hour of labor would add $50 in additional revenue to the firm. (Enter your response as a whole numer.) This firm should hire ▼labor.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![Suppose labor is available to a firm at a cost of $12 per hour. Also suppose that employing another hour of labor adds 5 units to output and that any amount of output can be sold for $10 per unit.
An additional hour of labor would add $50 in additional revenue to the firm. (Enter your response as a whole numer.)
This firm should hire
▼labor.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5f033dd9-ee34-45c2-8599-79cc4163f128%2F62800118-4e01-4f3e-976a-0f91b429edc8%2Fingudyy_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose labor is available to a firm at a cost of $12 per hour. Also suppose that employing another hour of labor adds 5 units to output and that any amount of output can be sold for $10 per unit.
An additional hour of labor would add $50 in additional revenue to the firm. (Enter your response as a whole numer.)
This firm should hire
▼labor.
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