Question: For questions 2 9 and 3 0 , consider the information conveyed in the table below: table [ [ Labor Hired, 0 , 1
For questions and consider the information conveyed in the table below:
tableLabor Hired,Output Produced,
Which of the following observations are correct?
A "The Marginal Product of the unit of labor hired is
B "This firm's production function appears to exhibit a 'diminishing marginal product' of labor."
CIf the price of this firm's output is $ per unit, then the 'value of the marginal product' of the unit of labor hired is $
D More than one of the above answers are correct.
Suppose the per unit wage rate of labor is $ and the price of the firm's output is $ per unit. To maximize profit, the firm should hire workers.
A
B
C
D
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