4. Standard Enterprises produces an output that it sells in a highly competitive market at a price of $100 per unit. Its inputs include two machines (which cost the firm $50 each) and workers, who can be hired on an as- needed basis in a labor market at a cost of $2,800 per worker. Based on the following production data, how many workers should the firm employ to maximize its profits? Workers Output Machines 2 2 2 2 2 2 2 0 1 2 3 4 5 6 0 60 100 129 148 160 168
4. Standard Enterprises produces an output that it sells in a highly competitive market at a price of $100 per unit. Its inputs include two machines (which cost the firm $50 each) and workers, who can be hired on an as- needed basis in a labor market at a cost of $2,800 per worker. Based on the following production data, how many workers should the firm employ to maximize its profits? Workers Output Machines 2 2 2 2 2 2 2 0 1 2 3 4 5 6 0 60 100 129 148 160 168
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 8P
Related questions
Question
![4. Standard Enterprises produces an output that it sells in a highly competitive market at a price of $100 per
unit. Its inputs include two machines (which cost the firm $50 each) and workers, who can be hired on an as-
needed basis in a labor market at a cost of $2,800 per worker. Based on the following production data, how
many workers should the firm employ to maximize its profits?
Workers
Output
Machines
2
2
2
2
2
2
2
0
1
2
3
4
5
6
0
60
100
129
148
160
168](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6b0f3fd4-f8c8-4e61-af01-1f961087f929%2F859dab3c-70e4-4472-af8e-63cfc2ef979b%2F7b4xpqe_processed.jpeg&w=3840&q=75)
Transcribed Image Text:4. Standard Enterprises produces an output that it sells in a highly competitive market at a price of $100 per
unit. Its inputs include two machines (which cost the firm $50 each) and workers, who can be hired on an as-
needed basis in a labor market at a cost of $2,800 per worker. Based on the following production data, how
many workers should the firm employ to maximize its profits?
Workers
Output
Machines
2
2
2
2
2
2
2
0
1
2
3
4
5
6
0
60
100
129
148
160
168
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