4) If the marginal product of capital MPK > r, where r is the market rental rate for capital,the firmA. Should hire more capital until MPK = r.B. Should hire more labor until MPK = r.C. Should hire more labor until MPK = 0.D. Should fire more capital until MPK = r.%3D5)Figure 1 below shows the dynamics of per-capita GDP for six countries in ratio scale from1870 to 2010. From the Figure we learn that the level of per capita GDPA. Has almost doubled for the US from 1880 to 2020B. Was higher in the U.S. compared to the UK in 1880C. Was higher in China compared to Argentina in 2000.D. Increased by approximately 5 times in Japan from 1950 to 1970.Answer64,000U.S.32,00016,000Argentina8,000U.K.4,000Japan2,000S. AfricaChina1,00018801900192019401960198020002020

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4) If the marginal product of capital MPK > r, where r is the market rental rate for capital, the firm A. Should hire more capital until MPK = r. B. Should hire more labor until MPK = r. C. Should hire more labor until MPK = 0. D. Should fire more capital until MPK = r.

4) If the marginal product of capital MPK > r, where r is the market rental rate for capital, the firm A. Should hire more capital until MPK = r. B. Should hire more labor until MPK = r. C. Should hire more labor until MPK = 0. D. Should fire more capital until MPK = r.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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handwritten of MPL, MPK, and MRTS
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Lesson 8 - Costs Question 6
Mainly concerned with how to answer part b.