The following data show the total output for a firm when different amounts of labour are combined with a fixed amount of capital.Assume that the wage per unit of labour is $10 and the cost of the capital is $50.
TABLE 7-3
-Refer to Table 7-3.The average product of labour when the firm hires 3 units of labour is ________.The average product of labour when the firm hires 4 units of labour is ________.
Definitions:
Return on Stocks
The earnings generated from investing in stocks, typically measured in terms of dividend payments and capital gains.
Return on Bonds
Return on bonds is the total income an investor receives from a bond, calculated as a percentage of the bond's purchase price, including interest payments and value appreciation.
Higher Risk
Refers to situations or investments that are more likely to result in loss or have a greater variability of returns.
Efficient Markets Hypothesis
The theory that asset prices reflect all publicly available information about the value of an asset.
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