marginal physical product of labor, Microeconomics

marginal physical product of labor, Microeconomics

Assignment Help:

#q7. Problem-solving question: 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

Related Discussions:- marginal physical product of labor

Central problems of an economy, solution of central problem of an economy

solution of central problem of an economy

Causes of slow growth - structure of national income, CAUSES OF SLOW GROWTH...

CAUSES OF SLOW GROWTH: A recent empirical study seeks to explain statistically the variations in inter-country growth rates. The global pattern of growth is shown to depend on

Normal and abnormal profits., the diagram used to illustrate of abnormal an...

the diagram used to illustrate of abnormal and normal profits

Compute the following price elasticities of demand, #• The price of a lapto...

#• The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. • The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quan

Isoquant, what is isoquant ?

what is isoquant ?

Marginal product, I am having a hard time figuring out how to find marginal...

I am having a hard time figuring out how to find marginal product.

Economics for you, How to solve economics assignment help?

How to solve economics assignment help?

Utility, Lakshani has $5 to spend on pens and pencils. Each pen costs $0.50...

Lakshani has $5 to spend on pens and pencils. Each pen costs $0.50 and each pencil costs $0.10. She is thinking about buying 6 pens and 20 pencils. The last pen would add five time

Edgeworth model, edge worthmodel

edge worthmodel

Describe the benefits of globalization, Question: There is widespread b...

Question: There is widespread belief that the process of globalization has largely bypassed Sub-Saharan Africa, leaving the sub-continent in a state of marginalization in the w

Write Your Message!

Name

Email id

Message

Verfication Code

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd