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Profit-maximizing firm Crunchy Chips, Inc. sets out to hire 8 workers in the imperfectly competitive snack market. Given that Crunchy Chips, Inc. is a profit-maxizing firm operating in an imperfectly competitive market, what is the market wage rate they will pay each worker? #

Col1 Workers (L) 2 4 6 8
Col2 MPL 8 6 4 2
Col3 Marginal Revenue $12 $9 $6 $3
Col4 MRPL $96 $54 $24 $6

Respuesta :

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Answer:

The market wage rate w = $6

Explanation:

As it is a profit maximizing firm, it will hire where  (consider the following formula and calculations)

Step 1.

MPL = W/P

Step 2.

At 8 worker, MPL = 2, P(MR) = 3

so,

Step 3.

2 = w/3

Step 4.

w = $6

Thus, The market wage rate is $6

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