Initially, when a firm hires a fourth worker, its wage rate goes from $80 a worker to $90. The marginal revenue product of the f ourth worker is $100. Then the government imposes a minimum wage of $90 a worker. If the firm now hires the fourth worker, its profits will
1 answer:
Answer:
increase by $10.
Explanation:
The marginal cost of hiring a fourth worker is already $90. This means that any price floor (minimum wage) imposed by the government will not affect this worker or the company because his/her wage was already equal to the new minimum wage.
The firm's profit = marginal revenue product - marginal cost = $100 - $90 = $10.
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