How would you calculate the total profit from a number of workers hired and the wage...

How would you calculate the total profit from a number of workers hired and the wage that they are being paid?

Expert Solution

Profit earned=Total revenue - Total cost

total cost is equal to the wage rate multiplied by the labor hired

total cost=WL

and total revenue=P*Q where quantity is the sum of MPL. I.e. output produced by total labor

Profit=P*Q(L)-WL

Rahul Sunny answered 1 year ago

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How would you calculate the total profit from a number of workers hired and the wage...

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