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7 September, 06:58

Refer to the given data. if the wage rate is $11, how many workers will manfred hire to maximize profits?

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  1. 7 September, 09:04
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    We have to calculate profits for each number of workers:

    1 worker: total revenue : $42; profit: 42 - 11 = $31

    2 workers: t. r. ($10 + $14) = $ 24 * 3 = $72; profit: 72 - 22 = $50

    3 workers: t. r. $90, profit: 90 - 33 = $57

    4 workers: t. r. $105; profit : 105 - 44 = $61

    5 workers: t. r. $117; profit: 117 - 55 = $62

    6 workers: t. r. $126, profit: 126 - 66 = $60

    7 workers: t. r. $132, profit: 132 - 77 = $55

    Answer: Manfred will hire 5 workers to maximize the profit.
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