-Based on the Table Above,if the Wage Rate Is $500

question 29

Essay

$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Number of } \\\text { Workers }\end{array} & \text { Output } \\\hline 0 & 0 \\\hline 1 & 50 \\\hline 2 & 110 \\\hline 3 & 300 \\\hline 4 & 450 \\\hline 5 & 590 \\\hline 6 & 665 \\\hline 7 & 700 \\\hline 8 & 725 \\\hline 9 & 710 \\\hline 10 & 705 \\\hline\end{array}$

-Based on the table above,if the wage rate is $500 and the price of output is $5,how many workers should the firm hire?

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Definitions:

Profit

The financial gain realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Vary Supply

Adjusting the quantity of products produced or available to meet fluctuating demand in order to optimize inventory levels and minimize waste.

Price Promotions

Temporary reductions in the selling price of goods or services aimed at increasing demand and boosting sales volumes.

Production Capacity

The maximum amount of work or products a facility can produce over a given time period, crucial for planning and meeting demand.