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Least-cost input-combination of labor and capital

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Reference no: EM132592378

1. 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 $20 per hour per worker. (c) Assuming that capital (K) is held constant at 3 machines and MPPK/MRCK = 2, 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 50

2 120

3 200

4 260

5 300

6 330

Reference no: EM132592378

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