Suppose that the production of a certain product only requires one input, labor, and that the additional production diminiahes by half after the last input. On the other hand, the demand of the good can be described using the equation Q = 10000 - P/10. The total product of the second unit of labor is 3,000 units. Finally, each additional worker requires P1,000,000. Given the following information, answer the following questions:

Suppose that the production of a certain product only requires one input, labor, and that the additional production diminiahes by half after the last input. On the other hand, the demand of the good can be described using the equation Q = 10000 - P/10. The total product of the second unit of labor is 3,000 units. Finally, each additional worker requires P1,000,000. Given the following information, answer the following questions:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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