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Consider a firm in a perfectly competitive industry. The firm has just built a plant that cost $1,700.Each unit of output requires $14 worth of materials. Each worker costs $11 per hour.The firm's production starts at 300 units with 1 worker (40 hours) and marginal product diminishes by 1/3 as each worker is added. If the market price is $19.2, how much is the profit or loss?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9473666

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