Suppose capital is steady with three machines and mppkmrck , Ask an Expert

Economics

Various levels of output for employment:

a. Compute the MPPL schedule
b. Compute the marginal physical product of labor (MPPL) and marginal cost of labor (MRCL) with a fixed wage of $5 per hour.
c. Suppose capital is constant, with 3 machines and MPPK/MRCK = 30, what is the least cost input combo of labor and capital? How much output is produced?

Workers Output
1 500
2 800
3 2000
4 2600
5 2900
6 3100

I have computed MP:

Workers MP
1 500
2 400
3 666.67
4 650
5 580
6 516.67

I am not sure how to determine MRCL with only this information. I am also having a hard time coming up with a solution on part C.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9309104

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