Answer the question on the basis of the following information for Manfred's Shoe Shine Parlor. Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. imgRefer to the given data. If the wage rate is $11,how many workers will Manfred hire to maximize profits?
Units of Labor Total Product Marginal Product Total Revenue
0 0
1 14 14 $42
2 10
3 30 90
4 35
5 39 117
6 126
7 44 2 132
A) 1.
B) 2.
C) 3.
D) 5.
Answers: 3
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Answer the question on the basis of the following information for Manfred's Shoe Shine Parlor. Assum...
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