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Scott, MIT Graduate

Category: Homework

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Experience: MIT Graduate (Math, Programming, Science, and Music)

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1. Problem-solving question: Use the following

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1. Problem-solving question: Use the following data for a firm's output at various levels of employment to calculate: a) its marginal physical product of labor (MPPL) schedule; (b) its (MPPL/MRCL) schedule, given a fixed wage of $20 per hour per worker. (c) Assuming that capital is held constant at 2 machines and MPPK/MRCK = 30, what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?

2. 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.

3. Problem-solving exercises: a) Use the arc-approximation formula to calculate the price-elaselasticity of demand coefficient of a firm's product demand between the (quantity, price) points of (50, $10) and (54, $8). b) Calculate the cross-price elasticity of demand coefficient of a firm's product X, given that a 10% increase in the price of its close substitute, product Y, causes the quantity demand of product X to increase by 15%. c) Calculate the income-elasticity of demand coefficient for a product for which a 5% increase in consumers' income will increase the quantity demanded by 4%.