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Seth utilizes labor and capital to produce rewood which he sells to local convenience stores. The table below depicts the productivity oflabor and capital when
Seth utilizes labor and capital to produce rewood which he sells to local convenience stores. The table below depicts the productivity oflabor and capital when Seth is producing rewood. The price of labor is $10 per worker and the price of capital is $20.00. Marginal Marginal Product Product Marginal of Labor Total Product Product per Product of Labor dollar 0 0 7 7 0 0 7 7 1 50 50 1 60 60 | 2 90 4o 2 110 50 |:| 3 120 30 3 150 40 |:| 4 140 20 4 180 30 | 5 150 10 5 200 20 | Instructions: Round your answers two decimal places. a. Complete the Marginal Product of Labor per dollar column ofthe table above. b. Complete the Marginal Product of Capital per dollar ofthe table above. c. Suppose Seth would like to produce approximately 230 units of output. What is the least cost method for producing 230 units of output? unit(s) of labor and unit(s) of capital. d. Suppose instead Seth would like to produce approximately 320 units of output? What is the least cost method for producing 320 units of output? unit(s) of labor and unit(s) of capital
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