Suppose you are a worker in the construction industry in the state of Toronto, Canada. The MPL in this industry is (see attached image) where Kc and Lc are the amounts of labor and capital, respectively, in the indus- try. If Toronto has 30,000 construction workers and 120,000 units of construction capital, what is your MPL)?

Suppose you are a worker in the construction industry in the state of Toronto, Canada. The MPL in this industry is (see attached image) where Kc and Lc are the amounts of labor and capital, respectively, in the indus- try. If Toronto has 30,000 construction workers and 120,000 units of construction capital, what is your MPL)?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 10RQ: What is the formula for calculating elasticity?

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