Extra Credit Assignment #2
Background: Numerical example of difference between accouunting and economic cost
21.7 million loss per day
365 days * 2 years = 730 days
100 billion otherwise the estimation is far off
Table
Marginal Product of Labour:
The additional benefit of hiring more labour
△ Total Product / △ Labour
| Labour | TP (Total Product) | AP | MPL (Marginal Product of Labour) |
|---|---|---|---|
| 0 | 0 | ||
| 1 | 10 | 10 | 10 |
| 2 | 25 | 12.5 | 15 |
| 3 | 35 | 11.7 | |
| 4 | 40 | 10 | |
| 5 | 42 | 8.4 | |
| 6 | 42 | 7 | |
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