(Answered) Your firm must produce a specified output levelnbspthe firm

Economics

Your firm must produce a specified output level. The firm uses capital and labor as inputs. If the price of capital is $40, the price of labor is $100, the marginal product of capital is 20, and the marginal product of labor is 40, then:

the firm is minimizing its total cost.
the firm is maximizing profit but not minimizing total cost.
the firm should use less labor and more capital to minimize total cost.
the firm should use more labor and less capital to minimize total cost.

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Business Economics, Economics

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