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[Solution Library] The table below presents estimates of the maximum levels of output possible with various combinations of two inputs. Capital (K) 5 11 25 37 47

Question: The table below presents estimates of the maximum levels of output possible with various combinations of two inputs.

Capital (K)
5	11	25	37	47	51
4	10	23	33	41	44
3	8	18	25	30	34
2	5	11	16	20	22
1	1	4	8	10	11
	1	2	3	4	5
Labor (L)

Assume that a unit of output sells for $5 and that the firm currently employs one unit of capital (K = 1).

	What is the marginal product of labor when L = 2?

(ii)	What is the average product of labor when L = 2?

(iii)	What is the marginal revenue product of labor when L = 2? What is the output elasticity of labor when L = 2?

(iv)	If the wage rate of labor is $10, how many units of labor should the firm hire and how many units of output should it produce?

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[Solution Library] The table below presents estimates of the maximum levels of output possible with various combinations of two inputs. Capital (K) 5 11 25 37 47

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