Use the table below.MarginalTotalTotalMarginalProductrevenueWorkersProduceRevesue perProductPrice (5)product per(Output)hours ($)hour2,5025252.506362.5036112.509027.50452.5011322.50502.5012512.5055is2.5013812.50How many workers would the firm hire if it were required to pay a wage of $25 per hour?O 23.Os

To set the market wage rate = $25, firm will look that till where $25 will give revenue. Marginal…

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How many workers would the firm hire if it were required to pay a wage of $25 per hour? O2 OS

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter10: Labor Markets And Income Distribution

Section: Chapter Questions

Problem 3SQP

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Question

Use the table below.
Marginal
Total
Total
Marginal
Product
revenue
Workers
Produce
Revesue per
Product
Price (5)
product per
(Output)
hours ($)
hour
2,50
25
25
2.50
63
62.50
36
11
2.50
90
27.50
45
2.50
113
22.50
50
2.50
125
12.50
55
is
2.50
138
12.50
How many workers would the firm hire if it were required to pay a wage of $25 per hour?
O 2
3.
Os

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