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A firm faces a perfectly elastic demand for its output at a price of $6 per unit of output and each hour of labor produces five units of output. For L number of workers hired each hour and w hourly wage rate, the firm faces an upward- sloped labor supply curve of: L = 20w- 120 and the firm's faces an upward sloped marginal cost of labor curve is given as: MC = 6 + 0.1L. How many workers should the firm hire each hour to maximize profits? What wage will the firm pay?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9472761

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