a)
To Calculate:The average product of labor when capital is 81units and variable input, labor is 16units and also whenvariable input, labor changes to 256units.
a)
Explanation of Solution
b)
To calculate:Marginal product of labor.
b)
Explanation of Solution
c)
To calculate: Number of labor that a firm should hire.
c)
Explanation of Solution
Number of labors hired to maximize the profit.
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Chapter 5 Solutions
Managerial Economics & Business Strategy (Mcgraw-hill Series Economics)
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