Suppose you are told that the marginal product of labor in the economy assumest her following form: MPL=10/L. Assume also that a unit of ouput sells for $10 and the wage paid to each worker is fixed at $30
a. Use the provided information to fill in the follwoiing table
| Labor | MPL | Total Output | MRP | Wage | Profit |
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
b. Determine the numbers of workers that the profit maximizing producer will hire.
c. What will be the profit of the producer?
d. Suppose instead that the producer hired all 5 workers, what would be the resulting profit from such an action?
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