ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The first 3 columns of the following table show data for a representative firm in an industry. The last 3 columns show the market demand and supply for the type of labour employed by this firm. Quantity of Labour MPL $ Product Price Wage $Quantity of Labour Quantity of Supplied $1010000 $12 20000 Labour Demanded 85000 1 $10 $5.00 $5.00 $12 80000 75000 2 $10 $5.00 $5.00 $5.00 $1430000 4 $8 $16 40000 70000 $6 $18 50000 65000 16 $4 $5.00 $20 60000 60000 7 $2 $5.00 $22 70000 55000 $1 $5.00 $24 80000 50000 Refer to the information above to answer this question. What is the firm's_total wage bill if the firm maximizes its profits? Select one: O a. $192 O b. $64 O c. $120 O d. $154 e. $30
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Transcribed Image Text:The first 3 columns of the following table show data for a representative firm in an industry. The last 3 columns show the market demand and supply for the type of labour employed by this firm. Quantity of Labour MPL $ Product Price Wage $Quantity of Labour Quantity of Supplied $1010000 $12 20000 Labour Demanded 85000 1 $10 $5.00 $5.00 $12 80000 75000 2 $10 $5.00 $5.00 $5.00 $1430000 4 $8 $16 40000 70000 $6 $18 50000 65000 16 $4 $5.00 $20 60000 60000 7 $2 $5.00 $22 70000 55000 $1 $5.00 $24 80000 50000 Refer to the information above to answer this question. What is the firm's_total wage bill if the firm maximizes its profits? Select one: O a. $192 O b. $64 O c. $120 O d. $154 e. $30
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