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Use the following data for a firm's output at various levels of employment to calculate: (a) its marginal physical product of labour (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 labour 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

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9164258

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