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

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