The following data show the total output for a firm when different amounts of labour are combined with a fixed amount of capital.Assume that the wage per unit of labour is $10 and the cost of the capital is $50.
TABLE 7-3
-Refer to Table 7-3.The average product of labour is highest when the firm hires
A) 1 unit of labour.
B) 2 units of labour.
C) 3 units of labour.
D) 4 units of labour.
E) 5 units of labour.
Correct Answer:
Verified
Q56: Q57: Consider a firm in the short run.When Q58: Which of the following statements about the Q59: Consider a firm in the short run.If Q60: The period of time over which the Q62: The following data show the total output Q63: The following data show the total output Q64: The following data show the total output Q65: The following data show the total output Q66: The following data show the total output![]()
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents