Suppose that for the firm below, the goods market is perfectly competitive. The market price of the product the firm produces is $4 at each quantity supplied by the firm.
What is the amount of labor that this profit-maximizing firm will hire, and what wage rate will it pay?
Labor Supplied Total Physical Product Hourly Wage Rate $
10 100 5
11 109 6
12 116 7
13 121 8
14 124 9
15 125 10