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Title: When firm A hires one worker it pays $10 an hour and its total labor cost is $10. When it hires a ... Post by: ahyukj on Oct 1, 2023 When firm A hires one worker it pays $10 an hour and its total labor cost is $10. When it hires a second worker, it has to pay $11 to each of its two workers and its total labor cost is $22. When it hires a third worker, it has to pay $12 to each of its three workers and its total labor cost is $36. For firm A, ▸ its marginal factor cost is greater than the wage rate it pays, except for the first worker it hires. ▸ its marginal factor cost is greater than the wage rate it pays, except for the first two workers it hires. ▸ its supply curve of labor lies above its marginal factor cost curve. ▸ it is likely that marginal revenue product is always greater than marginal factor cost. ▸ none of the above Title: Re: When firm A hires one worker it pays $10 an hour and its total labor cost is $10. When it hires a ... Post by: jchang19 on Oct 1, 2023 Content hidden
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