Q51 A farmer named Chris Freeland who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $5 per unit, and the wage rate is $13 per worker. How many workers should Chris Freeland the farmer hire? Multiple Choice 3 2 4 1 7.
Q51 A farmer named Chris Freeland who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $5 per unit, and the wage rate is $13 per worker. How many workers should Chris Freeland the farmer hire? Multiple Choice 3 2 4 1 7.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter12: The American Labor Force
Section12.1: Amercians At Work
Problem 1R
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Q51
A farmer named Chris Freeland who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $5 per unit, and the wage rate is $13 per worker. How many workers should Chris Freeland the farmer hire?
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