How to calculate minimization of cost when given the marginal revenue

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Tracy Moody asked Oct 6, 2023

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How to calculate minimization of cost when given the marginal revenue

Mathematics
college

Tracy Moody asked Oct 6, 2023

by Tracy Moody

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Answer: Cost is minimized at the levels of capital and labor such that the marginal product of labor divided by the wage (w) is equal to the marginal product of capital divided by the rental price of capital (r)

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Nidhin Kumar answered Oct 13, 2023

by Nidhin Kumar

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