Exhibit 11-1
Use the information in the accompanying chart to answer the following question(s). The firm hires labor competitively and sells its product in a competitive price-taker market. $$\begin{array} { | c | c | c | }
\hline \begin{array} { c }
\text { Units of Labor } \
\text { (per day) }
\end{array} & \begin{array} { c }
\text { T otal Output } \
\text { (dollars) }
\end{array} & \begin{array} { c }
\text { Product } \
\text { Price }
\end{array} \
\hline 1 & 15 & 6 \
2 & 30 & 6 \
3 & 40 & 6 \
4 & 48 & 6 \
5 & 54 & 6 \
6 & 59 & 6 \
7 & 62 & 6 \
\hline
\end{array}$$
-Refer to Exhibit 11-1. If the market wage rate is $25 per day, how many workers should the firm hire if it wants to maximize profits?

Question

Exhibit 11-1
Use the information in the accompanying chart to answer the following question(s). The firm hires labor competitively and sells its product in a competitive price-taker market. $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Units of Labor } \
\text { (per day) }
\end{array} & \begin{array} { c } 
\text { T otal Output } \
\text { (dollars) }
\end{array} & \begin{array} { c } 
\text { Product } \
\text { Price }
\end{array} \
\hline 1 & 15 & 6 \
2 & 30 & 6 \
3 & 40 & 6 \
4 & 48 & 6 \
5 & 54 & 6 \
6 & 59 & 6 \
7 & 62 & 6 \
\hline
\end{array}$$
-Refer to Exhibit 11-1. If the market wage rate is $25 per day, how many workers should the firm hire if it wants to maximize profits?

Quizplus · Accepted Answer

The Answer of Exhibit 11-1
Use the information in the accompanying chart to answer the following question(s). The firm hires labor competitively and sells its product in a competitive price-taker market. $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Units of Labor } \
\text { (per day) }
\end{array} & \begin{array} { c } 
\text { T otal Output } \
\text { (dollars) }
\end{array} & \begin{array} { c } 
\text { Product } \
\text { Price }
\end{array} \
\hline 1 & 15 & 6 \
2 & 30 & 6 \
3 & 40 & 6 \
4 & 48 & 6 \
5 & 54 & 6 \
6 & 59 & 6 \
7 & 62 & 6 \
\hline
\end{array}$$
-Refer to Exhibit 11-1. If the market wage rate is $25 per day, how many workers should the firm hire if it wants to maximize profits?

Exhibit 11-1 Use the Information in the Accompanying Chart to Answer

Exhibit 11-1
Use the Information in the Accompanying Chart to Answer