#9 *Remember the least cost method is a lot like the utility maximizing rule from chapter one.However, here we will make sure that we follow this formula:Marginal Product of Labor/Price of Labor = Marginal Product of Capital/Price of CapitalIf this ends up being equal then they are using the optimal number of employees and capital(machines). If one is greater then the business would want to use that one more until thenumbers become equal.9) A chocolate company makes truffles using labor and capital. The company pays theworkers $12 per hour and machines used to make truffles costs them $4 per hour. The lastemployee produced 60 more truffles. The machines last produced 24 more truffles. Whichmethod of production should this business use more of to minimize costs? Show your math.

The problem of reducing costs is, in mathematics, a problem. In limited optimization. The firm wants…

9) A chocolate company makes truffles using labor and capital. The company pays the workers $12 per hour and machines used to make truffles costs them $4 per hour. The last employee produced 60 more truffles. The machines last produced 24 more truffles. Which method of production should this business use more of to minimize costs? Show your math.

9) A chocolate company makes truffles using labor and capital. The company pays the workers $12 per hour and machines used to make truffles costs them $4 per hour. The last employee produced 60 more truffles. The machines last produced 24 more truffles. Which method of production should this business use more of to minimize costs? Show your math.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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