Labor and Capital Assignment | Homework For You
1) If the marginal product of labor is 2, the marginal product of capital is 4, the wage rate is $3, the rental price of capital is $6, and the price of output is $1.50, then the firm should CLICK HERE TO PLACE AN ORDER a. Increase output by hiring more labor, more capital, or both. b. Hold output constant, but hire more labor and less …
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