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

Private benefit and social benefit, Private benefit and social benefit: ...

Private benefit and social benefit: Bridge the gab between private cost and social cost, and private benefit and social benefit.Under perfect market, there may be a divergence

Market economy, what is market economy and how it solve the central problem...

what is market economy and how it solve the central problem

Neutron diffraction, chemistry assignments ,  Neutron diffraction supplemen...

chemistry assignments ,  Neutron diffraction supplements x-ray diffraction and is particularly helpful in locating hydrogen atoms. An x-ray beam is scattered primarily as a result

Theory of production, when total production fall what,s the status of avera...

when total production fall what,s the status of average product and marginal product

Product markets and production, Product Markets: Markets where produced ser...

Product Markets: Markets where produced services and goods are bought and sold (distinguished from markets for factors of production). Production: Process by which human labour

Analyse the possible effects of speculation on exchange rate, Analyse the p...

Analyse the possible effects of speculation on exchange rates. Definition of speculation in currencies as betting on the appreciation/depreciation of a given currency. E

Marketing economies, Marketing Economies: These are derived from the ...

Marketing Economies: These are derived from the bulk purchasing of inputs and bulk distribution of outputs. A large firm is able to buy its raw materials in larger quantities

Money, what is money? functions

what is money? functions

Explain how keynesian economics views the role of markets, Explain how Keyn...

Explain how Keynesian economics views the role of markets and government intervention in fighting business cycles. Keynesian economics believes markets frequently fail and gov

Market failures - rationale in era of globalisation, Market failures (eve...

Market failures (even when they do not have international external effects) i) Self-fulfilling bank runs, government debt runs, currency crises. ii) Liquidation costs of li

Write Your Message!

Captcha
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!

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