below depicts firm XYZ short-run production function. L(Labour) Table 1(c) XYZ shot-run production function 0 1...

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below depicts firm XYZ short-run production function. L(Labour) Table 1(c) XYZ shot-run production function 0 1 2 3 4 5 6 7 8 09 10 10 19 27 34 40 45 49 52 54 55 5 10 9 8 7 6 4 3 2 1 Y (Output) 0 MP (Marginal Product of Labour) Suppose w/p = 6; where w is the nominal wage and p is the price of output. As a managerial economist, help the XYZ firm decide on: i. whether to hire more or less of labour at L=3 or at L=7. ii. your advice in c(i) supported with reasons the need for a long-run case iii. [2 marks] [2 marks] [1 mark] below depicts firm XYZ short-run production function. L(Labour) Table 1(c) XYZ shot-run production function 0 1 2 3 4 5 6 7 8 09 10 10 19 27 34 40 45 49 52 54 55 5 10 9 8 7 6 4 3 2 1 Y (Output) 0 MP (Marginal Product of Labour) Suppose w/p = 6; where w is the nominal wage and p is the price of output. As a managerial economist, help the XYZ firm decide on: i. whether to hire more or less of labour at L=3 or at L=7. ii. your advice in c(i) supported with reasons the need for a long-run case iii. [2 marks] [2 marks] [1 mark]

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The detailed answer for the above question is provided below i The XYZ firm should hire more l... View the full answer