Question

Explain how you as a professional would determine how many workers to hire and what will be their pay?

Answer 1

A professional will hire players as long as the marginal output from the additional worker hired is more than wages that they are paid, for example if the wages in the market is at $100 and the additional output that extra worker is 3 and each good is sold for $40 then benefit from the new worker hired will be more than the cost, so he will be hired, the wages of the workers are decided by the market forces i.e. the demand and supply of the workers will determine the wages.