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Calculating the optimal hours of labor

Firm XYZ measures its MP of labor curve to be the following MP = 4000 - 2L where L is the number of hours of labor hired per day. XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labor should XYZ hire each day to maximize its profits?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M923873

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