Question: Consider the information in the following table for Jill Johnson's restaurant: Marginal product of capital..............................4,000 Marginal product of labor..................................100 Wage rate.....................................................$10 Rental price of pizza

Consider the information in the following table for Jill Johnson's restaurant:

Marginal product of capital..............................4,000

Marginal product of labor..................................100

Wage rate.....................................................$10

Rental price of pizza ovens...............................$500

Briefly explain whether Jill is minimizing costs. If she is not minimizing costs, explain whether she should rent more ovens and hire fewer workers or rent fewer ovens and hire more workers.

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