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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

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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