A competitive, profit-maximizing firm pays its workers a wage of $500 per day. The last worker they hired increased their production by 20 units per day. What must be the price that their product sells for?

A competitive, profit-maximizing firm pays its workers a wage of $500 per day. The last worker they hired increased their production by 20 units per day. What must be the price that their product sells for?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter11: Marketing And Distribution

Section: Chapter Questions

Problem 22AA

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