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Author Question: If the price of capital is 24, the price of labor is 15, and the marginal product of capital is 16, ... (Read 38 times)

lbcchick

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on: Jul 1, 2018
If the price of capital is 24, the price of labor is 15, and the marginal product of capital is 16, the least costly combination of capital and labor requires that the marginal product of labor be ________.
 
  Fill in the blank(s) with correct word

Question 2

A competitive firm's supply curve is identical to its marginal cost curve.
 
  Indicate whether the statement is true or false


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Beatricemm

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Reply #1 on: Jul 1, 2018
Answer to Question 1

MPcapital/ MPlabor = Price of capital/Price of Labor, or marginal product of labor = 10.

Answer to Question 2

False. The statement is only partly correct. The supply curve is only that portion that lies above AVC.


lbcchick

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Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

scottmt

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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