QUESTION 3Refer to the data. If the price of output is $15, and the labor's wage is S225, the optimal number of labors (L") will be hired isOutput(TPL)Labors0.14090126150165170A. 4B. 5C. 3D.6234 56

Firm hires optimal no. Of labor where wage = value of marginal product of labor. Where VMPL = price…

QUESTION 3 Refer to the data. If the price of output is $15, and the labor's wage is $225, the optimal number of labors (L*) will be hired is Labors Output (TPL) 0. 1 40 90 3. 126 150 165 6. 170 O A. 4 B.5 O C. 3 O D. 6

QUESTION 3 Refer to the data. If the price of output is $15, and the labor's wage is $225, the optimal number of labors (L*) will be hired is Labors Output (TPL) 0. 1 40 90 3. 126 150 165 6. 170 O A. 4 B.5 O C. 3 O D. 6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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