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If a Firm Pays Its Workers $10 Per Hour,the Marginal

Question 47

Multiple Choice

If a firm pays its workers $10 per hour,the marginal product of labor is 5 units per hour,and the price of the firm's product is $15 per unit,what is the price elasticity of demand facing the firm?


A) -1.15
B) -2.15
C) -1.0
D) -3.56

Correct Answer:

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