Marginal product and value of the marginal product of labor

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Reference no: EM13164708

Labor is the only input used by a perfectly competitive firm. It hires workers for $50 a day. The firm's production function is as shown in the following Table. (The table will open in a new window.) Each unit of output sells for $10

a. Complete the table to show the marginal product of labor and the value of the marginal product of labor.

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

Reference no: EM13164708

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