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Compute the marginal physical product of labor as well as the least-cost input combination of labor and capital and how much output is produced with that set of resources.

Use the following data for a firm's output at various levels of employment to find out: (a) its marginal physical product of labor (MPPL) schedule; (b) its (MPPL/MRCL) schedule, given a fixed wage of $20 per hour per worker. (c) Assuming that capital is held constant at 2 machines and MPPK/MRCK = 30, what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?

Number of Workers (L)
Output (Q)
1
1000
2
2600
3
4000
4
5200
5
5800
6
6200

 

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M920848

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