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Please explain step by step how to get the answer to this question. Question: If the marginal rate of technical substitution for a cost minimizing
Please explain step by step how to get the answer to this question.
Question:
If the marginal rate of technical substitution for a cost minimizing firm is 10, and the price of labor is
$5, what is the price of capital?
Select one:
a. $10
b. $0.5 - Correct
c. $2
d. $1
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