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(Solved): Suppose You Are Told That The Marginal Product Of Labor In The Economy Assumest Her Following Form: ...

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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