Here is a schedule showing the amount of output of com firm X can produce using

Question

Here is a schedule showing the amount of output of com firm X can produce using one fixed acre of land and different numbers of workers. This firm call sell all the com they want at a price Marginal product of $10 per bushel. The land costs them $100. Use this information to answer How much is TOTAL PRODUCT 3 60 with 4 workers ? If the wage = $ 40, how many workers should this firm hire to maximize profits ? If this firm hires the number of workers you answered for question (11), how much profits would they make? How much is TOTAL FIXED cost for this firm in the SHORT RUN? How much is it in the long run? Why does worker 2 have a LARGER marginal product than worker 1 even though they have the same level of skill?

Explanation / Answer

Here is a schedule showing the amount of output of com firm X can produce using

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