Question
Given an output price of $500, total output (in body of table), the quantity of each input (in rows), the price of inputs (in
Given an output price of $500, total output (in body of table), the quantity of each input (in rows), the price of inputs (in columns), and a budget of $1,200,000, calculate marginal product and marginal revenue product for each input. Which resources in what quantities should be employed to maximize the value of the firm? Low Skill High Skill Labor Input $30,000 1 64 130 200 266 330 2345 Labor Supplies $20,000 50 98 $50,000 120 220 300 360 400 144 186 228 Low Capacity Equipment $100,000 250 475 675 850 1,000 High Capacity Equipment $400,000 1,000 Building & Land $500,000 1,350
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Exploring Economics
Authors: Robert L Sexton
5th Edition
978-1439040249, 1439040249
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