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Mr. Gold is the CEO of a company that makes silver rings. This company operates under perfect competition and its factors of production are homogeneous. When deciding how many jewelers he should hire, he decides to look at the marginal revenue of the product of labor, which is as shown in the following matrix. The fixed wage is $3000. How much might be Mr. Gold's total revenue?

In the following situation, Mr. Gold decides in accordance to John Bates Clark, who proposed that the marginal revenue of the product of labor has to be equal to the wages.

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