### What is least-cost input-combination of labor and capital

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Use the following data for a firm's output at various levels of employment (L) to calculate: a) its marginal physical product of labor (MPPL) schedule; (b) its (MPPL/MRCL) schedule, given a fixed wage (W = MRCL) of \$25 per hour per worker. (c) Assuming that capital (K) is held constant at 2 machines and MPPK/MRCK = 10, 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                                            100

2                                            300

3                                            600

4                                            850

5                                           1000

6                                           1100

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