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The following table given below presents estimates of the maximum levels of output possible with various combination of two inputs.
Capital (K)5 11 25 37 47 514 10 23 33 41 443 8 18 25 30 342 5 11 16 20 221 1 4 8 10 111 2 3 4 5Labor (L)
Assume that a unit of output sells for $2 and that the firm currently employs two units of capital (K = 2).:
(i) What is the marginal product of labor when L = 4?
(ii) What is the average product of labor when L = 4?
(iii) What is the marginal revenue product of labor when L = 4?
(iv) If the wage rate of labor is $10, how many units of labor should the firm hire and how many units of output should it produce?
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There is some information you are given, and on the basis of the information, you are asked to make a decision. Now here are some definitions
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