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A firm hires labor in a perfectly competitive

labor Market Answer

28.8 A firm hires labor in a perfectly competitive labor market. Its current profitmaximizing hourly output
is 100 units, which the firm sells at a price of $5 per unit. The marginal physical product of
the
last unit of labor employed is 5 units per hour. The firm pays each worker an hourly wage
of $15.
(See pages 626 and 633. a. What marginal revenue does the firm earn from sale of the
output produced by the last
worker employed? b. Does this firm sell its output in a perfectly competitive market?
All other questions from the textbook including 28-1, 28-2, 28-4, 28-12, 31-4 and 31-10

A firm hires labor in a perfectly competitive

labor Market Answer