(All Steps) -solving question: Use the following data for a firm’s output at various levels of employment (L) to calculate: its marginal physical product
Question: Problem-solving question: Use the following data for a firm’s output at various levels of employment (L) to calculate:
- its marginal physical product of labor (MPPL) schedule;
- 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 3 machines and MPPK/MRCK = 6, what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
| L | Q |
| 1 | 50 |
| 2 | 150 |
| 3 | 300 |
| 4 | 450 |
| 5 | 525 |
| 6 | 550 |
Deliverable: Word Document 
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