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Economics

Consider a firm that produces using only labor and capital. It can produce 1850 units of output by using 4 units of labor and 20 units of capital, or alternatively 2000 units of output by using 5 units of labor and 20 units of capital. If the average price of all output is $0.5 and the firm maximizes profits, it must pay its labor ____________- per hour.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92000262

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