Given the data in Table 3, how many units of land, labor, and capital would you hire?
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Given the data in Table 3, how many units of land, labor, and capital would you hire?
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TABLE 3 Units MRP of of Land Land 123456 2 3 Rent = $8 $20 17 13 8 2 1 Units of Capital 1 2 3 4 5 6 Interest = MRP of Capital $27 $35 33 27 20 12 4 Units of Labor 123 2 4 5 6 Wage rate= $24 MRP of Labor $31 24 16 9 5 2
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