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Please calculate/select the correct answers and briefly explain why For picture 11, the options are increase/decrease/maintain Suppoae capital co5t5 $5 per unit and labour co5t5
Please calculate/select the correct answers and briefly explain why
For picture 11, the options are "increase/decrease/maintain"
Suppoae capital co5t5 $5 per unit and labour co5t5 $15 per unit. If the marginal product of capital i5 33 and the marginal product of labour is 92, the rm should [53'3\"] "' their u5e of capital and [53'3\"] "' their use of labour in order to minimize their coat of production. Arm is successfully costminimizing while producing their desired output leyel. Each piece of capital costs $18 to rent lay the hour and each worker is paid $12 per hour. The rm's MPL is equal to 5:5, and MPK is equal to . Your answer should include only numbers. Round to the nearest integer, if necessary. A new minimum wage law is passed, requiring workers to he paid $15 per hour. Assume there is no change to the rental cost of capital. To continue minimizing their cost, the rm should switch to a new production method that uses workers and pieces of capital. For both blanks, choose from: more, fewer, the same number of. Make sure you are typing in your answer exactly as provided in the answer optionsStep by Step Solution
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