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In the short run, labor is the only variable factor used by a firm in the production of a certain product. The manager of the firm has estimated that the marginal product of labor is given by MPL = 160/√L. The wage per unit of labor is w = $24, and each unit of output can be sold at a constant price P. The firm is maximizing profits by employing L = 100. Based on this information
A. the price of each unit of output is P = $1.5.
B. the firm will increase L if w increases
C. the law of diminishing returns does not hold
D. none of the above.
Illustrate what is currently occurring to the supply also demand for labor also its effects on wages, union membership, also other labor force related topics.
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