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Question
Scenario 14.2:A firm can hire labor at the minimum wage of $4.25 per hour. Assume that labor works 8 hours a day. The firm's production function is as follows:
Number of Days Number of Units
of Labor of Output
0 0
1 8
2 15
3 21
4 26
5 30
Refer to Scenario 14.2. If each unit of output sells for $5, how many days of labor will the firm hire to maximize profit?
A) 1
B) 2
C) 3
D) 4
E) 5
Answer
This answer is hidden. It contains 1 characters.
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