Problem
A perfect competitor charges a price of $5. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14.
(a) How many workers would he hire if the wage rate were $90? How much would his wage bill be?
(b) How many workers would he hire if the wage rate were $70? How much would his wage bill come to?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.