
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Say that a lumber firm is producing output (Q) in the form of trees. They hire lumberjacks (L), but have a fixed level of capital. There are no other inputs. Select the values that correctly fill in the table.
L = number of lumberjacks | Q = number of trees | MPL = marginal product of labor |
0 | 0 | -- |
1 | 4 | |
2 | 10 | |
3 | 12 | |
4 | 13 | |
5 | 13 |
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