Question
A firm is producing a product using only labor and physical capital. The price of labor (wage rate) is $ 20/hour, and the cost of
A firm is producing a product using only labor and physical capital. The price of labor (wage rate) is $ 20/hour, and the cost of capital is $ 60/hour. If the marginal product of labor is 100 units an hour, what must be the marginal product of capital if the firm is a profit maximizer?
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Managerial economics
Authors: william f. samuelson stephen g. marks
7th edition
9781118214183, 1118041585, 1118214188, 978-1118041581
