Essay
The following table shows the number of machines used and the daily output of a firm manufacturing notebooks.
a)Calculate the marginal product of capital at different levels of employment.If the market price of each notebook is $3,calculate the value of the marginal product of capital.
b)How many machines should the firm rent if the rental price of each machine is $12 per day? How many machines should the firm rent if the rental price increases to $30 per day?
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a) The marginal product and the value of...View Answer
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