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Using the table from the previous question, which method is economically efficient if the hourly wage is $10 and the cost of capital is $20?
Using the table from the previous question, which method is economically efficient if the hourly wage is $10 and the cost of capital is $20? (Make sure you show your calculations)
Method | Labor (workers) | Capital (units) |
1 | 12 | 6 |
2 | 10 | 8 |
3 | 6 | 10 |
4 | 6 | 12 |
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