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The firm uses 3 units of capital(the Fixed Input),and therent on capitalis $200 per unit per day. The firm must hire between 1 to 5
The firm uses3units of capital(the Fixed Input),and therent on capitalis$200per unit per day. The firm must hire between1to5units of labor(the Variable Input), and thecost of laboris$60per worker per day. Depending on how much labor the firm hires, output (Total Product) is one of the following:
q1= 1
q2= 3
q3= 8
q4= 12
q5= 15
How many units of capital are used when 4 units of labor are used?
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