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Calculation of price of labor and least cost production.

In the following figure, the price of capital (r) is $300 per unit

119_Labor - Capital 1.jpg

1693_Labor - Capital 2.jpg

1.What is the price of labor?

2. describe how many units of labor should a company utilize use in order to produce 500 units of output at the lowest possible cost?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M919739

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