Short Answer
A firm is using 20 units of labor and 30 units of capital to produce 4,000 units of output. At this combination the marginal product of labor is 50 and the marginal product of capital is 40. The price of labor is $30 and the price of capital is $20.
-The MP per dollar of labor is _________ and the MP per dollar of capital is _________.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Use the following figure that shows a
Q4: In the following figure, isoquant I is
Q5: The following graph shows 2 isocost curves
Q6: The following graph shows a firm's long-run
Q7: Using the above table, answer the following
Q9: refer to the following figure:<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB10434/.jpg"
Q10: The following graph shows 2 isocost curves
Q11: refer to the following figure:<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB10434/.jpg"
Q12: Answer the following:<br>-The movement from E to
Q13: Use the following figure that shows a