Suppose the marginal product of labor is 8 and the marginal product of capital is 2. if the wage rate is $4 and the price of capital is $2, then in order to minimize costs the firm should use:

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asked Sep 7, 2018 134k views

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Suppose the marginal product of labor is 8 and the marginal product of capital is 2. if the wage rate is $4 and the price of capital is $2, then in order to minimize costs the firm should use:

Business
high-school

Bumbleshoot asked

by Bumbleshoot

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If the product is $8 dollors and the capital is $2 then wage rate should be $3 dollars.

Surya Vallabhaneni answered Sep 13, 2018

by Surya Vallabhaneni

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