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Firm youve been hired as an economic consultant by an

Firm. You've been hired as an economic consultant by an unprofitable price-taking firm that produces baseball caps. The firm already has a factory, so it is operating in the short run. The price of caps is $5, the hourly wage is $12, and each cap requires $1 worth of material. The firm has experimented with different workforces and the results are shown in the first two columns of the table below.

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Basic Statistics: Firm youve been hired as an economic consultant by an

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