Problem-solving question: Use the following data for a perfectly competitive fir

Question

Problem-solving question: Use the following data for a perfectly competitive firm and the profit-maximizing input-combination rule to identify how many workers the firm will employ to maximize profits.

            Number of Workers (L)           MRPL                MRCL

                        1                                  $200                  $30

                        2                                  150                     30

                        3                                  125                     30

                        4                                  100                     30

                        5                                  75                      30

                        6                                  50                       30

                        7                                  30                       30

                                    8                                    10                       30

Explanation / Answer

Number of Workers (L)           MRPL                MRCL

1                                  $200                  $30

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