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Various levels of output for employment:
a. Compute the MPPL scheduleb. Compute the marginal physical product of labor (MPPL) and marginal cost of labor (MRCL) with a fixed wage of $5 per hour.c. Suppose capital is constant, with 3 machines and MPPK/MRCK = 30, what is the least cost input combo of labor and capital? How much output is produced?
Workers Output1 5002 8003 20004 26005 29006 3100
I have computed MP:
Workers MP1 5002 4003 666.674 6505 5806 516.67
I am not sure how to determine MRCL with only this information. I am also having a hard time coming up with a solution on part C.
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