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Please refer to the table below. Using the information from the table, how many workers will the firm hire if the equilibrium wage rate is $800 per

Please refer to the table below. Using the information from the table, how many workers will the firm hire if the equilibrium wage rate is $800 per week?

Quantity of Labor

Total Output

Marginal Product of Labor

Value of Marginal Labor

1 250 250 $1,000

2 600 350 1400

3 900 300 $1,200

4 1,125 225 $900

5 1,300 175 $700

6 1,450 150 $600

7 1,560 110 $440

8 1,670 70 $300

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The company will hire 1213... View the full answer

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