Answered

Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

assume that skilled labor costs twice as much as unskilled labor, a profit-maximizing firm will

Sagot :

ogorwyne

Assume that skilled labor costs twice as much as unskilled labor, a profit maximizing firm will hire until the marginal product of unskilled labor is half that of skilled labor.

A profit maximizing firm is a firm that tries to create products that are of good quality at the barest or smallest cost.

The marginal product falls after an additional amount of the resource has been added. It is the extra amount that is gained due to the addition of an extra unit.

Due to the fact that both the skilled and unskilled would decrease eventually, the company would have to hire both at equal marginal products.

Read more on https://brainly.com/question/25706143

We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.