The next 3 questions refer to the following: The table below shows a competiti...
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The next 3 questions refer to the following:
The table below shows a competitive firm's short-run production function. Labour is the firm's only variable input, and market price for the firm's product is
The fifth unit of labour adds $ to the firm's total revenue.
If the wage rate is $200, the firm will employ units of labour.
If market price for the firm's product increases to $5, at the same wage rate of $200 the firm will earn a profit of $ .
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