Find the three stages of production. if the wage rate is, Ask an Expert

Economics

The table below shows the weekly relationship between output and number of workers for a factory/plant with a fixed size.

Number of workers	Output
0	0
1	10
2	110
3	300
4	450
5	590
6	665
7	700
8	725
9	710
10	705

a. Calculate the marginal product of labor.

b. At what point do diminishing returns set in?

c. Calculate the average product of labor.

d. Find the three stages of production.

e. If the wage rate is $500 and the price of output is $5, how many workers should the firm hire? Why?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9444020

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