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If a firm is maximizing profit and the marginal revenue product of labor is $10 and the marginal revenue product of capital is $30, then the marginal resource cost of labor is $3, and the marginal resource cost of capital is $0.33 the marginal resource cost of labor is $0.33, and the marginal resource cost of capital is $3 the marginal resource cost of labor equals the marginal resource cost of capital; both are $300 the marginal resource cost of labor is 1/3 of the marginal resource cost of capital we have no way of knowing the marginal resource cost of either labor or capital.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91917406

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