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For the Following Questions, Assume That the Marginal Product of Capital

Question 112

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For the following questions, assume that the marginal product of capital = For the following questions, assume that the marginal product of capital = and the marginal product of labor = . a. If the firm is hiring 10 workers at $100 per worker and 5 units of capital at $50 per unit, is the firm minimizing its cost of production? If not, what should the firm do? b. If the firm is hiring 10 workers at $100 per worker and 5 units of capital at $200 per unit, is the firm minimizing its cost of production? If not, what should the firm do? c. If the firm is minimizing its costs of production by hiring an equal number of workers and units of capital, what is the slope of the isocost line?
and the marginal product of labor = For the following questions, assume that the marginal product of capital = and the marginal product of labor = . a. If the firm is hiring 10 workers at $100 per worker and 5 units of capital at $50 per unit, is the firm minimizing its cost of production? If not, what should the firm do? b. If the firm is hiring 10 workers at $100 per worker and 5 units of capital at $200 per unit, is the firm minimizing its cost of production? If not, what should the firm do? c. If the firm is minimizing its costs of production by hiring an equal number of workers and units of capital, what is the slope of the isocost line?
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a. If the firm is hiring 10 workers at $100 per worker and 5 units of capital at $50 per unit, is the firm minimizing its cost of production? If not, what should the firm do?
b. If the firm is hiring 10 workers at $100 per worker and 5 units of capital at $200 per unit, is the firm minimizing its cost of production? If not, what should the firm do?
c. If the firm is minimizing its costs of production by hiring an equal number of workers and units of capital, what is the slope of the isocost line?

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a. Cost minimization requires that MRTS ...

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