Multiple Choice
The following question are based on the following table, which illustrates for a given level of wheat production the ratio of marginal products for different combinations of land and labor:
-If the price of land is $5 per unit and the price of labor is $2 per unit,then the least-cost combination of land and wheat is
A) 1.
B) 2.
C) 3.
D) 4.
E) 5.
Correct Answer:
Verified
Correct Answer:
Verified
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