4. Given the firm's current production process and desired level of output, the marginal product of labor is 200 and the marginal product of capital is 100. The current wage per hour is $12 and the current rate per machine hour is $2. Could the firm do better by using more of one input and less of the other? Using the numerical information show whether or not the firm can lower its cost. Do not just state an equality or inequality as evidence. Graphically depict the firm's current position.

4. Given the firm's current production process and desired level of output, the marginal product of labor is 200 and the marginal product of capital is 100. The current wage per hour is $12 and the current rate per machine hour is $2. Could the firm do better by using more of one input and less of the other? Using the numerical information show whether or not the firm can lower its cost. Do not just state an equality or inequality as evidence. Graphically depict the firm's current position.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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