Business, 07.03.2020 05:04, chels4278

A firm uses 80 hours of labor and 6 units of capital to produce 10,000 gadgets per day. Labor's marginal product is 4 gadgets per hour and the marginal product of capital is 20 gadgets per unit. Each unit of labor costs $8 per hour and each unit of capital costs $50 per unit. If the firm wants to continue producing 10,000 gadgets per day at the lowest possible cost, it should

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A firm uses 80 hours of labor and 6 units of capital to produce 10,000 gadgets per day. Labor's marg...