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27-12-2022
Business

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: Demonstrate your understanding of the previous concepts in the following example. Suppose the price of a bot is equal to $2, and the market wage rate Is $20. Moreover, suppose the marginal product of labor for this firm is equal to the following: MPL = 16 - L On the graph, use the blue line (circle symbols) to show the firm's demand for labor. Then, place the black point (X symbol) on the graph to indicate the real wage and the profit-maximizing quantity of labor. Dashed drop lines will automatically extend to both axes.

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