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A firm is using 30 units of labor and 20 units of capital to produce 4,000 units of output. At this combination the marginal product of labor is 40 and the marginal product of capital is 50. The price of labor is $40 and the price of capital is $30.

What can you provide as advice to a manager concerning their choice on the quantity of labor and quantity of capital.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M945702

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