The following data show the total output for a firm when specified amounts of labour are combined with a fixed amount of capital.When answering the questions,you are to assume that the wage per unit of labour is $25 and the cost of the capital is $100.
TABLE 7-4
-Refer to Table 7-4.Marginal product of labour begins decreasing with the ________ unit of labour hired.Average product of labour begins decreasing with the ________ unit of labour hired.
Definitions:
Accurate Representation
is the degree to which an account or depiction reflects the true nature or details of the subject being represented.
Internal Validity
refers to the extent to which a study can demonstrate a clear cause-and-effect relationship between variables, unconfounded by extraneous factors.
Causal Relationships
Connections between variables where a change in one variable directly influences a change in another.
External Validity
The extent to which the findings of a study can be generalized to other settings, populations, or time periods.
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