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Home Q & A Board Other Fields Homework Help Business Economics
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helpmeplease1 helpmeplease1
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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 $50 per unit and the price of capital is $800 per unit. The MPL equals 25 and the MPK equals 400. 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.
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Microeconomics

Microeconomics


Edition: 17th
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daddyb1daddyb1
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