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Given: y = 100 TFC = $50 Px1 = $5 Py = $3 Px2 = $2 Labor Water X1 X2 MRS. 1. Calculate the MRS.

Given: y = 100 TFC = $50 Px1 = $5 Py = $3 Px2 = $2 Labor Water X1 X2 MRS. 1. Calculate the MRS. , and insert above. 2. What is the price ratio that should be used to determine cost minimization combination? 3 What is the least cost combination of inputs? 4. What is the total cost of producing 100 units of output? 5. How much profit was made

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