The following table shows the DVDS production. Study the table and answer the questions? Labor (L) Total Marginal Average product of labor (TPL) Product Product of (MPL) labor (APL) 1 20 30 3 36 4 40 5 42 6 42 1. Based on the above table, how much is the marginal product (MPL) of the 3rd labor? 2. Based on the above table, which labor has the largest marginal product? 3. Based on the above table, if the price of DVD is $20, and the labor's wage is $80, how many labors will be hired (L*)?

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Inflation and Purchasing Power Theory

In economic terms, Inflation refers to the increase in the costs of various commodities which are used in daily lifestyle like food, clothes, transport, etc. over a specific time. It may lead to a fall in the purchasing power of the people and also affects the exchange rate of the currency because of the price increase. As the purchasing power falls the unit of the currency in the economy falls. When the prices of the commodities are decreased, then the purchasing power of the consumers will rise, then it will lead to deflation and changes the currency of the base economy to that of the foreign economy which will lead to change in exchange rates.