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Use the Following Information to Answer the Following Questions

Question 35

Multiple Choice

Use the following information to answer the following questions:
Mickey L.Douglas,owner of MLD Incorporated,knows that the marginal product of labor (MPL) for his workers can be defined as follows:
MPL = 32 - L
The total output a given level of workers can produce is found as:
Q = 32L - Use the following information to answer the following questions: Mickey L.Douglas,owner of MLD Incorporated,knows that the marginal product of labor (MPL) for his workers can be defined as follows: MPL = 32 - L The total output a given level of workers can produce is found as: Q = 32L -   L<sup>2</sup> He also knows that the price of his output is $3.His profits can be found as: Profit = (P * Q) - (W * L)  -What wage would be required to allow Mickey to hire the twenty-fifth worker? A)  $3 B)  $7 C)  $21 D)  $125 E)  $25 L2
He also knows that the price of his output is $3.His profits can be found as:
Profit = (P * Q) - (W * L)
-What wage would be required to allow Mickey to hire the twenty-fifth worker?


A) $3
B) $7
C) $21
D) $125
E) $25

Correct Answer:

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