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$0.50 Marginal Rate of Substitution

Found in Economics: General-Economics
Chapter 1, # 0
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A firm is producing 1,000 units of output with 40 units of labor and 30 units of capital. The marginal product of the last units of labor and capital are, respectively, MPl= 60 and MPk = 120. The price of labor and capital are respectively, w = 30 and r = 40

 

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$0.50
Marginal Rate of Substitution
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  • Posted on Feb. 05, 2011 at 07:31:43AM
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Preview: ... cost by $ 20 . To minimize the cost of producing 1,000 units of output the firm will ...
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