Economics Homework Help
The nominal wage rate is W = $1,000 per worker and the price of the output is P = $10 per unit.Suppose that
The nominal wage rate is W = $1,000 per worker and the price of the output is P = $10 per unit.
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Suppose that
due to a technological advance, the productivity of labor increases so that the marginal product of each and every worker increases by 40 units. Suppose that the real wage remains unchanged at its current level. In that case, the firm will be willing to hire ___ workers to maximize its profit. If the firm employs this many workers, it will be able to produce___ tons of the product.
