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Labor is the only input used by a perfectly competive firm. It hires workers for $50 a day. The firm's production function is shown in the following Table. Each unit output sells for $10.

a.) complete the table to show the marginal product oflabor and the value of the marginal product of labor.

b.) How many days of labor should the firm hire? Explain.

Days of Labor    Units of Labor Marginal product Value of marginal product of labor

0 0

17

2 13

319

4 25

5 28

6 29

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9493753

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