Compute bigbiz-s marginal factor cost
BigBiz, a local monopsonist, currently hires 50 workers and pays them $6 per hour. To attract an additional worker to its labor force, BigBiz would have to raise the wage rate to $6.25 per hour. What is BigBiz's marginal factor cost?
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calculate elasticity of demand. follow steps find original quantity new quantity average quantity change in quantity percentage change. original price, new price, average price.
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