Suppose that labour is the only input used by a perfectly competitive firm.The firm can hire workers for $160 per day.Each unit sells for $30.The firm's production function is as follows:
$\begin{array}{ll}
\text { Labour } & \text { Output } \
\hline 0 & 0 \
1 & 8 \
2 & 15 \
3 & 21 \
4 & 26 \
5 & 30 \
6 & 33
\end{array}$
Calculate the value of the marginal product of labour at each input level, then determine how much labour the firm will employ.

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The Answer of Suppose that labour is the only input used by a perfectly competitive firm.The firm can hire workers for $160 per day.Each unit sells for $30.The firm's production function is as follows:
$\begin{array}{ll}
\text { Labour } & \text { Output } \
\hline 0 & 0 \
1 & 8 \
2 & 15 \
3 & 21 \
4 & 26 \
5 & 30 \
6 & 33
\end{array}$
Calculate the value of the marginal product of labour at each input level, then determine how much labour the firm will employ.

Suppose That Labour Is the Only Input Used by a Perfectly