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Satsume Satsume
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6 years ago
Umberto has a monopoly in providing taxicab services in the local market.  The relevant marginal revenue of taxicab sales as a function of labor employment is: MR(L) = 10 -  L.  The marginal product of labor in providing taxicab services is 50.  Umberto is a price taker in the labor employment market and the market price of labor is $15.  Determine Umberto's optimal employment of labor.
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Microeconomics

Microeconomics


Edition: 8th
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CanihCanih
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