Standard Enterprises Produces an Output That It Sells in a Highly

question 136

Essay

Standard Enterprises produces an output that it sells in a highly competitive market at a price of $100 per unit.Its inputs include two machines (which cost the firm $50 each)and workers,who can be hired on an as-needed basis in a labor market at a cost of $2,800 per worker.Based on the following production data,how many workers should the firm employ to maximize its profits?
$$\begin{array} { | l | l | l | } \hline \text { Machines } & \text { Workers } & \text { Output } \\\hline 2 & 0 & 0 \\\hline 2 & 1 & 60 \\\hline 2 & 2 & 100 \\\hline 2 & 3 & 129 \\\hline 2 & 4 & 148 \\\hline 2 & 5 & 160 \\\hline 2 & 6 & 168 \\\hline\end{array}$$

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Definitions:

Coalition

An alliance among individuals or groups, especially during a negotiation or in politics, to achieve a common goal.

Bedfellows

Unlikely or surprising partners united by common interests or objectives.

Negotiator

A negotiator is someone who is involved in discussions aimed at reaching an agreement or resolving a dispute, possessing skills in communication, persuasion, and strategy.

Trust

A firm belief in the reliability, truth, ability, or strength of someone or something.