The marginal product of labor for a firm is given by: MPL = 112 - 3H, where H is the number of hours they hire workers to work. For example, the marginal product of the first hour of labor would be 112 - 3*1, and the marginal product of the second hour of labor would be 112 - 3*2, and so on. If the market wage is $18 per hour, how many hours of labor will this firm hire? Round your final answer to two decimal places.

The marginal product of labor for a firm is given by: MPL = 112 - 3H, where H is the number of hours they hire workers to work. For example, the marginal product of the first hour of labor would be 112 - 31, and the marginal product of the second hour of labor would be 112 - 32, and so on. If the market wage is $18 per hour, how many hours of labor will this firm hire? Round your final answer to two decimal places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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