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20 January, 12:27

Explain how firms decide how much labor to hire to produce a certain level of output

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  1. 20 January, 12:36
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    The firms focus on improving marginal returns. Apart from this, they focus on specialization which increases the output. The amount of labor the firm plans to hire depends on the level of output it requires. The firm keeps adding new workers until output reaches its crest or peak.
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