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The table shows the number of workers (L), the output of supplements (Q) each week, and the price of ...

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The table shows the number of workers (L), the output of supplements (Q) each week, and the price of ...

The table shows the number of workers (L), the output of supplements (Q) each week, and the price of supplements (P) for different output levels. The supplement supplier is a price taker in the labor market, but a price maker in the supplement market.

Number of Workers (L)	Output of Supplements (Q)	Product Price (P)
0	0	$70
1	45	$60
2	89	$50
3	121	$40
4	149	$30
5	163	$20
6	173	$10

If the equilibrium wage is $2200, what is the profit-maximizing quantity of workers for this firm? How many supplements will the company produce?

▸ 2 workers, 89 supplements

▸ 2 workers, 44 supplements

▸ 3 workers 32 supplements

▸ 3 workers,121 supplements

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 75 times

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