Answer question 1 on the basis

timer Asked: Dec 9th, 2015

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Answer question 1 on the basis of the following information for a firm operating in a perfectly competitive output and factor(resource) marketNumber of worker days  Output (total)  1  100  2  400  3  650  4  850  5  950 If the price of the product is $3 per unit and the firm must pay $400 per worker day for all the workers it needs and the firm operates in a perfectly competitive product and resource market, then to maximize profits, how many worker days should the firm hire?

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