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A perfect competitor charges a price of $5 The first worker he would hire would have a marginal physical product of 20 the second worker

A perfect competitor charges a price of $5. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14. (a) How many workers would he hire if the wage rate were $90? How much would his wage bill be? (b) How many workers would he hire if the wage rate were $70? How much would his wage bill come to?

Apr 24 2020 View more View Less

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