N false false false en-us x-none x-none , Ask an Expert

Economics

Suppose the marginal product of labor is 8 and the marginal product of capital is 2. If the wage rate is $4 and the price of capital is $2, then in order to minimize costs the firm should use

three times more capital than labor.

none of the answers are correct.

more capital and less labor.

more labor and less capital.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91228486

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question 1 private discountingyou are considering

Question: 1. Private Discounting You are considering installing all new compact fluorescent light bulbs in your house. Your initial investment in the light bulbs will cost a total of $400 and you expect them to last 4 ye ...

Question standard economic theory examines competition as

Question: Standard economic theory examines competition as the number of firms within the market. What was Hayek's contention with this view in The Meaning of Competition? Instead, what did Hayek say was the better way t ...

Question you deposit 413 at the end of each month into an

Question: You deposit $413 at the end of each month into an account that pays a nominal annual rate of 2% compounded monthly. How much will you have in the account at the end of 11 years? The response must be typed, sing ...

Question under what conditions would you expect the recent

Question: Under what conditions would you expect the recent rapid growth rates in the Indian subcontinent and south Asia to continue, and under what conditions are they likely to diminish in the near future? The response ...

Question the market supply function is p 10 q and the

Question: The market supply function is P = 10 + Q and the market demand function is P = 70 - 2Q. What is the size in consumer surplus associated with a minimum floor price of $40? The response must be typed, single spac ...

Question some crops have flowers that are rich in nectar

Question: Some crops have flowers that are rich in nectar, but pollination by bees has only a small effect on their yields. Construct an example to show that in this case the beekeeper will probably pay for the right to ...

Question engineering economythe abc corporation has an

Question: Engineering Economy: The ABC Corporation has an investment opportunity that costs $125,000 and 7 years later pays a lump-sum amount of $215,000. What percent interest rate per year would be earned on this inves ...

Question what were the principal factors that caused the

Question: What were the principal factors that caused the ratio of the purchase of producers' durable equipment to GDP to rise so much during the 1990s? Why was this pattern suddenly reversed in 2001? The response must b ...

Question imagine the president of china xi jinping hires

Question: Imagine the president of China, Xi Jinping. hires you to advise him on how to increase the country's economic growth rate back up to about 9% annually from its current annual growth rate of about 6.5%. What wou ...

Questionnbsppeople join tennis clubs for a fixed fee per

Question: People join tennis clubs for a fixed fee per year, which entitles them to play as much as they want without charge. Because people who pay these fees play more tennis than others (who can use free public court ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert