Please give me proper calculation and full explanation otherwose i give multiple downvoteNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. You own a farm, you hire labor and capital to produce apples. The marginal product ofthe last unit of labor input is 15 and the marginal product of the last unit of capitalinput is 45. The market wage for labor is $8. If you are using the optimal combinationof inputs, then the price of capital is?Select one:O a. $45O b. $24O C.O d. $3$360

Capital here means financial capital or the available assets that an individual or business uses to…

Answered: You own a farm, you hire labor and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me proper calculation and full explanation otherwose i give multiple downvote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

You own a farm, you hire labor and capital to produce apples. The marginal product of
the last unit of labor input is 15 and the marginal product of the last unit of capital
input is 45. The market wage for labor is $8. If you are using the optimal combination
of inputs, then the price of capital is?
Select one:
O a. $45
O b. $24
O C.
O d. $3
$360

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