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Suppose the following table gives the quantity of labor, offered wage, and marginal revenue product of labor for Company X.
Labor (hours) | Wage ($/hour) | MRP |
16 | 12 | - |
17 | 18 | 170 |
18 | 24 | 154 |
19 | 30 | 138 |
20 | 36 | 122 |
What can the firm do to increase profits?
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