Business, 28.11.2019 00:31 rachel693

Leadbelly co. sells pencils in a perfectly competitive product market and hires workers in a perfectly competitive labor market. assume that the market wage rate for workers is $150 per day. leadbelly should follow this rule to hire the profit-maximizing amount of labor: hire workers up to the point where the value of the marginal product is equal to $150 per day. at the profit-maximizing level of output, the marginal product of the last worker hired is 30 boxes of pencils per day.1. what is the price of a box of pencils? suppose some pencil workers switch to jobs in the growing computer industry.2. show how this change affects the pencil market by shifting the labor-demand curve, labor-supply curve, or both.

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