The next 3 questions refer to the following: The table below shows a competi...
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The next 3 questions refer to the following:
The table below shows a competitive firm's short-run production function.
The 7th unit of labour adds $ to the firm's total revenue.
If the wage rate is $250, the firm will employ units of labour.
If market price for the firm's product decreases to $2, at the same wage rate of $250 the firm will earn a profit of $ .
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