Suppose that the production of a certain product only requires one input, labor, and that the additional production diminiahes by half after the last input. On the other hand, the demand of the good can be described using the equation Q = 10000 - P/10. The total product of the second unit of labor is 3,000 units. Finally, each additional worker requires P1,000,000. Given the following information, answer the following questions:

Suppose that the production of a certain product only requires one input, labor, and that the additional production diminiahes by half after the last input. On the other hand, the demand of the good can be described using the equation Q = 10000 - P/10. The total product of the second unit of labor is 3,000 units. Finally, each additional worker requires P1,000,000. Given the following information, answer the following questions:

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.5P

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