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Use the following table to answer the next three questions. (1) Factor of Production (2) Value of the Marginal Product Labor $450 Land $125,000
Use the following table to answer the next three questions. (1) Factor of Production (2) Value of the Marginal Product Labor $450 Land $125,000 Capital $40,000 (3) Wage or Rental (4) Bang per Price Buck $20 $5,000 $1,000 Assume the rental price of land falls by half. In this case, the bang per buck for land is factor with the highest bang per buck is O $50: land O $25; land $50; labor $50: capital O $25: capital and the
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