Assume that a firm is using the cost-minimizing combination of its only 2 inputs, capital and labor. If the price of a unit of capital is $200 and the price of a unit of labor is $50, what is the MPL of the last unit of labor if the marginal product of the last unit of capital is 2,000?

Assume that a firm is using the cost-minimizing combination of its only 2 inputs, capital and labor. If the price of a unit of capital is $200 and the price of a unit of labor is $50, what is the MPL of the last unit of labor if the marginal product of the last unit of capital is 2,000?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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