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.The average product of labour is highest when the firm hires ________ units of labour.
Definitions:
Principal
The original amount of money invested or loaned, upon which interest is calculated, or the main party involved in a transaction.
Ratification
The official way to confirm something, usually by vote, making it valid or officially approved.
Agency
A legal entity in which one party (the agent) is authorized to act on behalf of another (the principal) in creating legal relationships with third parties.
Effective
The degree to which something is successful in producing a desired or intended result.
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