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I need help on 2 microeconomics questions: Question 6 (1 point) The following chart shows the marginal product of labor for a small business that
I need help on 2 microeconomics questions:
Question 6 (1 point) The following chart shows the marginal product of labor for a small business that has a xed amount of capital in the short run equal to 10 units of capital, Each unit of capital costs $3 while the wage rate is $10 per worker. Number of workers MPL 0 _ 1 10 2 8 3 5 4 3 5 2 What is the total cost if the rm wants to produce 18 units of output? Question 7 (1 point) Kate's demand for brownies is Qd= 10 2P. Calculate the price elasticity as the price moves from P0 =3 to P1 = 2 by using the mid-point price elasticity formula (note: this is the same formula as the arc elasticity formula). 0 None of the aboveStep by Step Solution
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