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The price of labor is $4.50, and the price of fertilizer is $3.00. farmer is currently employing the inputs such that the marginal product of
The price of labor is $4.50, and the price of fertilizer is $3.00. farmer is currently employing the inputs such that the marginal product of labor is 11 and the marginal product of fertilizer is 8. If the farmer is a cost-minimizer, he should use more fertilizer and less labor. use more labor and less fertilizer. use more labor and more fertilizer. continue using the same amounts of each input
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The Economics Of The Environment
Authors: Peter Berck, Gloria Helfand
1st Edition
978-0321321664, 0321321669
