This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A firm hires labor, capital, and land to produce grapefruits. Currently the marginal product of the ... (Read 502 times)

ap345

  • Hero Member
  • *****
  • Posts: 537
on: Apr 19, 2019

A firm hires labor, capital, and land to produce grapefruits. Currently the marginal product of the last unit of labor input is 40, the marginal product of the last unit of capital input is 60, and the marginal product of the last unit of land input is 200. The market wage is $20 and the market price for capital is $30. If the firm is using the optimal combination of inputs, then the price of land is


◦ $4.
◦ $40.
◦ $100.
◦ indeterminate from the given information.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by ap345 on Apr 19, 2019

EAN94

  • Sr. Member
  • ****
  • Posts: 307
Reply #1 on: Apr 19, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 25% of students answer this correctly


ap345

  • Hero Member
  • *****
  • Posts: 537
Reply #2 on: Apr 19, 2019
Thanks


EAN94

  • Sr. Member
  • ****
  • Posts: 307
Reply #3 on: Apr 19, 2019
Welcome :)


ralphy073

  • Newbie
  • *
  • Posts: 1
Reply #4 on: Dec 3, 2019
Thank you


Kassi Kazimer

  • Newbie
  • *
  • Posts: 2
Reply #5 on: Mar 6, 2020
Thank you


« previous next »
 

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

Did you know?

Thyroid conditions may make getting pregnant impossible.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Rivers Are a Product of Their Watersheds Rivers Are a Product of Their Watersheds
Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ... Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ...
Change in Annual Precipitation Over Land, 1901-2010 Change in Annual Precipitation Over Land, 1901-2010
Many countries do not produce enough food and need to import food from the United States Many countries do not produce enough food and need to import food from the United States
Share of Human Capital in Wages in Developing Countries Share of Human Capital in Wages in Developing Countries
Sabrina's Fabric Land bought $5,000 of equipment at the beginning of 2015. Amortization ... Sabrina's Fabric Land bought $5,000 of equipment at the beginning of 2015. Amortization ...
Video: Summation - defined, spatial, temporal & AP generation or not

For a complete list of videos, visit our video library