Unformatted text preview: s given in the table below.
Number of Workers
8 Output (dozens)
36 (a) Using marginal analysis, state the condition for employing the profit-maximizing number of workers.
(b) How many workers should Leadmill hire to maximize profit? Explain how you derived that number.
(c) If the wage rate decreased to $6 dollars per hour, how many workers would Leadmill employ?
(d) If the wage rate was $6 per hour and the price of pencils decreased to $1 per dozen, how many workers
would Leadmill employ? END OF EXAMINATION Copyright © 2003 by College Entrance Examination Board. All rights reserved.
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This note was uploaded on 02/03/2014 for the course ECONOMIC 112 taught by Professor Van le during the Fall '12 term at American Internation College.
- Fall '12
- van le