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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

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M920848

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