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QUESTION
The presentation slides largely used labor unit requirements. The labor unit requirement is the inverse of the Marginal Product of Labor (MPL) for...
The presentation slides largely used labor unit requirements. The labor unit requirement is the inverse of the Marginal Product of Labor (MPL) for that good. Suppose it takes 10 labor hours to produce a yard of cloth. What is the MPL associated with cloth production? What if it takes 0.2 labor hours to produce a yard of cloth. What is the MPL associated with cloth production. Explain your answers.
