Paul owns a barbershop and is deciding how many barbers to hire. The price of a haircut is $15, and the equilibrium wage of barbers is $150 per day. According to the table below and the Rational Rule for Employers, how many workers should Paul hire? Number of barbers 1 04 3 1 5 2 2 3 4 5 Total number of haircuts 18 34 46 56 60

Paul owns a barbershop and is deciding how many barbers to hire. The price of a haircut is $15, and the equilibrium wage of barbers is $150 per day. According to the table below and the Rational Rule for Employers, how many workers should Paul hire? Number of barbers 1 04 3 1 5 2 2 3 4 5 Total number of haircuts 18 34 46 56 60

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter14: Labor Markets And Income

Section: Chapter Questions

Problem 29RQ: Does a gap between the average earnings of men and women, or between whites and blacks, prove that...

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