How do you use the cost minimization factor come up with 16, Ask an Expert

Economics

How do you use the cost minimization factor come up with $16 for the price of land for the below question: You run a small farm. You employ workers, you rent land and you rent capital in order to grow the produce. If marginal product per dollar of capital is $2, the marginal product of labor is $20, the price of labor $10, and the marginal product of land is $32.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91696646

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