ECON 162 Lecture 28: The Classical Model 11/6
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29 Nov 2017
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A perfectly competitive lemonade producer faces the following marginal product of labor (MPL) function: MPL = 13 â 3*L Where L is the quantity of labor (in hours) used by this firm. The market price lemonade is $2 / glass, and the market wage is $2 / hour. To maximize profits, this firm should hire: | ||||||||||||||
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