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A firm discovers that the average product of labour is 39.6 and the marginal product of labor is 42.9 at 76 units of labour.
What is labour?
Understanding the operation and dynamics of a markets for wage labour is the goal of labour economics. Labor is a resource that is provided by workers, typically in return for a wage that is paid by greedy businesses. Labor economics must take into account social, cultural, and political factors because these workers are a part of a social, institutional, as well as political system.
Employers and employees interact to drive the operation of labour markets as well as job markets. In order to understand the pattern of wages, employment, as well as income that results, labour economics examines the providers of labour services (workers) as well as the rent seekers of labour services (employers).
We can infer that the average product curve is upward-sloping at 76 units of labour. Product curves demonstrate how the firm's average, marginal, and total products fluctuate as the amount of workers employed varies. Total product (TP) divided by total labor is known as average product (AP), sometimes known as average product of labor (APL). It is the average output that each worker is capable of producing. Average product is increasing when marginal product is higher than average product. Average product is declining when marginal product is lower than average product.
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