Question: 1.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

1.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 $20 per hour per worker.(c) Assuming that capital (K) is held constant at 3 machines and MPPK/MRCK = 2, 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)

150

2120

3200

4260

5300

6330

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