Consider a Printing Press That Operates in a Perfectly Competitive

question 45

Essay

Consider a printing press that operates in a perfectly competitive market.Also,assume that the market for printing press workers is competitive.The following table shows the employment levels and the daily output of notebooks manufactured by the printing press.

a)Calculate the marginal product of the employees.If the price at which a notebook is sold is $2,calculate the value of the marginal product of the employees.
b)If the market wage rate is $80,how many employees should the firm hire?
c)If the market wage rate is $46,how many employees should the firm hire?

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Definitions:

Whole-Grain

Refers to grains that have all of their parts intact: the bran, germ, and endosperm, providing more nutrients and fiber.

Fructose

A simple sugar found in many plants that is sweeter than glucose and used in various foods and beverages.

Sorghum

A grain that serves as both food and fodder, known for its drought tolerance and nutritional value.

Nutrient-Rich Foods

Foods that contain high levels of vitamins, minerals, and other beneficial substances with relatively few calories.