How many hours of labor must hire to maximize profits, Microeconomics

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How many hours of labor must hire to maximize profits

Firm XYZ measured its MP of labor curve to be the following:

MP = 4000 - 2L

where L is the number of hours of labor hired per day.

XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labor should XYZ hire each day to maximize its profits?

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Microeconomics: How many hours of labor must hire to maximize profits

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Microeconomics: How many hours of labor must hire to maximize profits

Reference No:- TGS052782

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Promised return on the company debt

Q : Draw the demand and marginal cost curves

Q : Prepare journal entries showing the adjustments

Q : What is corona company days sales

Q : How many hours of labor must hire to maximize profits

Q : Prepare the entry to record the gross profit realized

Q : Income before income taxes problem

Q : Claim that low dividend is depressing stock price

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: How many hours of labor must hire to maximize profits

Reference No:- TGS052782

Recent Questions Asked Microeconomics

Q : Promised return on the company debt

Q : Draw the demand and marginal cost curves

Q : Prepare journal entries showing the adjustments

Q : What is corona company days sales

Q : How many hours of labor must hire to maximize profits

Q : Prepare the entry to record the gross profit realized

Q : Income before income taxes problem

Q : Claim that low dividend is depressing stock price

Q : Theoretical framework that describes the experiences

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