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Merlin891 Merlin891
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A year ago
Suppose a firm is using 1500 units of labour and 20 units of capital to produce 100 tonnes of mineral ore. The price of labour is $40 per unit and the price of capital is $1000 per unit. The MPL equals 25 and the MPK equals 750. In this situation,

▸ the firm is minimizing its costs.

▸ the firm should increase the use of both inputs.

▸ the firm could lower its production costs by decreasing labour input and increasing capital input.

▸ the firm could lower its production costs by increasing labour input and decreasing capital input.

▸ the firm should decrease the use of both inputs.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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Zigdog4400Zigdog4400
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A year ago
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Merlin891 Author
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A year ago
You make an excellent tutor!
sudenzia
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Brilliant ツ
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Thanks for your help!!
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