Marginal product of labor equals

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Reference no: EM131236949

1: A firm is producing optimally (maximizing profits) when the price level = $1. It pays a wage rate of $10 per hour to labor and rents capital for $8 per hour. It sells its product for $20 per unit.

At its current production point we can assume that its marginal product of labor (MPL) equals:

Carefully follow all directions for entering numeric answers.

2: The production function (with labor on the horizontal axis) has a slope best described as:

A - positive and increasing in value

B - positive but decreasing in value

C - negative but increasing in value

D - negative and decreasing in value

Reference no: EM131236949

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