Order the answer to: Suppose that, at your firm, the relationship between output produced

Assignment Help business-economics Order the answer to: Suppose that, at your firm, the relationship between output produced

business-economics

Order the answer to: Suppose that, at your firm, the relationship between output produced

Question Suppose that, at your firm, the relationship between output produced and the number of workers you hire is as follows:
Labor Total Product
0 ………………………………….. 0
1 ………………………………….. 12
2 ………………………………….. 23
3 ………………………………….. 32
4 ………………………………….. 38
5 ………………………………….. 42
6 ………………………………….. 45
a. Find the marginal product of labor for each worker.
b. Is the relationship between output and labor consistent with the Law of Diminishing Returns?
c. Suppose your firm is a perfect competitor in the output market and the labor market. If the price of output is $9 and the wage rate is $27, how many workers should your firm hire?
d. If the price of output falls to $3 and the wage remains $27, how many workers should your firm hire?
Subject business-economics
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