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Business, 28.06.2020 05:01, phillipmccormick
Suppose that the current wage rate is $40 per hour, the rental rate of land is $10,000 per acre, and the rental rate of capital is $1000. The manager of a firm determines that the value of the marginal product of labor is $800, the value of the marginal product of an acre of land is $150000, and the value of the marginal product of capital is $40,000. Is the firm maximizing profit
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Answers: 3
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Suppose that the current wage rate is $40 per hour, the rental rate of land is $10,000 per acre, and...
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