Standard Enterprises produces an output that it sells in a highly competitive market at a price of $
Question: Standard Enterprises produces an output that it sells in a highly competitive market at a price of $100 per unit units. Its inputs include two machines (which cost the firm $50 each) and workers, who can be hired on an as needed basis in a labor market at a cost of $2800 per worker. Based on the following production data, how many workers should the firm employ to maximize profits?
Machines | Workers | Output |
2 | 0 | 0 |
2 | 1 | 60 |
2 | 2 | 100 |
2 | 3 | 129 |
2 | 4 | 148 |
2 | 5 | 160 |
2 | 6 | 168 |
Price: $2.99
Solution: The downloadable solution consists of 1 page
Deliverables: Word Document
Deliverables: Word Document
