Project #51264 - Economics

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

 

 Problem-solving question:  Use the following data for a perfectly competitive firm and the profit-maximizing input-combination rule to identify how many workers the firm will employ to maximize profits.

 

Number of Workers (L)MRPL                     MRCL

 

                                1                        $200                         $30

 

                                2                         150                             30

 

                                3                          125                             30

 

                                4                           100                             30

 

                                5                            75                              30

 

                                6                              50                              30

 

                                7                          30                              30

 

                                8                           10                              30

 

 

Subject Mathematics
Due By (Pacific Time) 12/12/2014 09:00 am
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