The marginal product of labor for a firm is given by: MPL = 188 - 4H, where H is the number of hours they hire workers to work. For example, the marginal product of the first hour of labor would be 188 -4*1, and the marginal product of the second hour of labor would be 188 - 4*2. If the market wage is $18 per hour, how many hours of labor will this firm hire? Round your final answer to two decimal places.
The marginal product of labor for a firm is given by: MPL = 188 - 4H, where H is the number of hours they hire workers to work. For example, the marginal product of the first hour of labor would be 188 -4*1, and the marginal product of the second hour of labor would be 188 - 4*2. If the market wage is $18 per hour, how many hours of labor will this firm hire? Round your final answer to two decimal places.
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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