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The total cost associated with isocost I is $_________, and the price of labor is $_________. The total cost associated with isocost II is $_________,
The total cost associated with isocost I is $_________, and the price of labor
is $_________.
The total cost associated with isocost II is $_________, and the price of labor
is $_________.
3. You are a management consultant hired by the Rio Loco Vineyards to estimate the costs of raising grapes in an arid region of New Mexico. If labor costs $6,000 per man-year and capital costs $200 per unit annually, you determine that the least-cost input combinations for various levels of grape production are:
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