The following schedule shows how many jars of Jaynie's Jam can be produced daily with various amounts of labor (assume that the jam is sold in a competitive price- taker market). Workers per Day 1 2 3 4 5 6 7 8 Total Output per Day 11 23 36 47 56 63 69 74 If Jaynie must pay each worker $65 per day and she can sell her jam for $10 per jar, how many workers should she hire if she wants to maximize profits?

Exploring Economics
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ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter11: The Firm: Production And Costs
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The following schedule shows how
many jars of Jaynie's Jam can be
produced daily with
various amounts of labor (assume that
the jam is sold in a competitive price-
taker market).
Workers per Day 1 2 3 4 5 6 7 8
Total Output per Day 11 23 36 47 56 63
69 74
If Jaynie must pay each worker $65 per
day and she can sell her jam for $10
per jar, how
many workers should she hire if she
wants to maximize profits?
Transcribed Image Text:The following schedule shows how many jars of Jaynie's Jam can be produced daily with various amounts of labor (assume that the jam is sold in a competitive price- taker market). Workers per Day 1 2 3 4 5 6 7 8 Total Output per Day 11 23 36 47 56 63 69 74 If Jaynie must pay each worker $65 per day and she can sell her jam for $10 per jar, how many workers should she hire if she wants to maximize profits?
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