What is the marginal product of labor and what is the average product of labor
What will be an ideal response?
The marginal product of labor is the additional output a firm produces as a result of hiring one more worker. The average product of labor is the total output produced by a firm divided by the quantity of workers. The average product of labor is the average of the marginal products of labor.
Economics
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Refer to the data. At the profit-maximizing output, the firm's total revenue is:
A. $48.
B. $32.
C. $80.
D. $64.
Economics
(Appendix) A daily production function for calculators is Q = 12L2 - L3. Show all your work for the following questions.a) What is the marginal product equation for labor?b) What is the APL function?
What will be an ideal response?
Economics