Use the Following Figure That Shows a Firm's Isoquant for Producing

Short Answer

Use the following figure that shows a firm's isoquant for producing 3,000 units of output and four isocost curves. Labor and capital each cost $100 per unit.

-At point C the firm __________________ the cost of producing 3,000 units of output. The MRTS is _______________ (greater than, less than, equal to) the input price ratio, w/r.