The marginal product of labor for a firm is given by: MPL = 112 - 4H, 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 112-4*1, and the marginal product of the second hour of labor would be 112 - 4*2. If the market wage is $16 per hour, how many hours of labor will this firm hire?
The marginal product of labor for a firm is given by: MPL = 112 - 4H, 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 112-4*1, and the marginal product of the second hour of labor would be 112 - 4*2. If the market wage is $16 per hour, how many hours of labor will this firm hire?
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 3PA
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![The marginal product of labor for a firm is given by: MPL = 112 - 4H, 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 - 4*1, and the marginal product of the second hour of labor would be 112 - 4*2.
If the market wage is $16 per hour, how many hours of labor will this firm hire?
Round your final answer to two decimal places.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb5aba3c-4931-42d1-80b4-3d9f41ab8cf8%2Fcb956755-1fed-4492-a3bf-c7c65470c9f5%2F74apv6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The marginal product of labor for a firm is given by: MPL = 112 - 4H, 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 - 4*1, and the marginal product of the second hour of labor would be 112 - 4*2.
If the market wage is $16 per hour, how many hours of labor will this firm hire?
Round your final answer to two decimal places.
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