Number of Workers (L) Output (Q)
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?© BrainMass Inc. brainmass.com October 10, 2019, 2:17 am ad1c9bdddf
Please refer attached file for better clarity of formulas and tables.
Use the following data for a firm's output at various levels of employment (L) to calculate:
No. of workers (L) Output MPPL MPPL/MRCL MPPK/MRCK
L Q Change in Q/change in L MMPL/$25
1 100 100 ...
Solution describes the steps to calculate least-cost input-combination of labor and capital.