The marginal product of labor for a firm is given by: MPL = 112 - 4H, where H is the number of hours they hire workers to work. For example, the marginal product of the first hour of labor would be 112-4*1, and the marginal product of the second hour of labor would be 112 - 4*2. If the market wage is $16 per hour, how many hours of labor will this firm hire?

The marginal product of labor for a firm is given by: MPL = 112 - 4H, where H is the number of hours they hire workers to work. For example, the marginal product of the first hour of labor would be 112-41, and the marginal product of the second hour of labor would be 112 - 42. If the market wage is $16 per hour, how many hours of labor will this firm hire?

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

Problem 3PA

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