A-LevelEconomicsThe price system and the microeconomy9708/32 · Oct/Nov 2018 · Q161 Mark

A firm currently employs 30 workers at a daily wage of $50 each. The marginal cost of employing one extra worker is $112 per day. By how much will the firm have to increase the daily wage in order to increase its labour force from 30 to 31 workers?

A firm currently employs 30 workers at a daily wage of $50 each. The marginal cost of employing one extra worker is $112 per day. By how much will the firm have to increase the daily wage in order to increase its labour force from 30 to 31 workers? A $2 B $4 C $62 D $112[1]

Mark scheme

Marking points from the official mark scheme (Oct/Nov 2018). The mark or mark type is shown in brackets.

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Topic: The price system and the microeconomy, A-Level Economics (syllabus 9708). Structured question, 1 mark.
Source: A-Level Economics, Oct/Nov 2018 Paper 3 Variant 2, question 16.

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