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Firm X sells output at a price of $8 per unit and pays labor a wage of $20 per hour. The marginal product of labor is given by: MPL = 12 – .1L. To maximize profit, the firm should utilize hours of labor. a) 75 b) 80 c) 85 06 (p e) 95

Firm X sells output at a price of $8 per unit and pays labor a wage of $20 per hour. The marginal product of labor is given by: MPL = 12 – .1L. To maximize profit, the firm should utilize hours of labor. a) 75 b) 80 c) 85 06 (p e) 95

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Firm X sells output at a price of $8 marginal product of labor is given by: MPL = 12 – .1L. To maximize profit, the firm should utilize per unit and рays labor a wage of $20 per hour. The hours of labor. a) 75 b) 80 c) 85 d) 90 e) 95
Transcribed Image Text:Firm X sells output at a price of $8 marginal product of labor is given by: MPL = 12 – .1L. To maximize profit, the firm should utilize per unit and рays labor a wage of $20 per hour. The hours of labor. a) 75 b) 80 c) 85 d) 90 e) 95
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