Assume that the firms in the United States set their price as a markup on their wage cost. Assume every firm is identical in the United States, and that they set a wage equal to $22. Recall that the number of employed workers in the United States is 153.5 million. Q 7. Based on your average product of labor what is the profit per worker? Show this on the graph. What is the profit in the whole economy?
Assume that the firms in the United States set their price as a markup on their wage cost. Assume every firm is identical in the United States, and that they set a wage equal to $22. Recall that the number of employed workers in the United States is 153.5 million. Q 7. Based on your average product of labor what is the profit per worker? Show this on the graph. What is the profit in the whole economy?
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 3PA
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value of average product of labor be 25 dollars.
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