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##### Economic Problem

**Description**

solution

**Question**

Question;Problem 1. In the following figure, the price of labor is $10;per unit.;What is the price per;unit of capital?What is the marginal;rate of technical substitution at pointB?;What is the marginal;rate of technical substitution at pointA?What is the equation for;the isocost curve at pointB?;What is the equation for;the isocost curve at pointA?How many units of;capital should a firm use in order to produce 300 units of output at the least;cost?What is the minimum cost;of producing 100 units of output?Suppose at Point A the;optimal units of capital are 22. How many units of labor should a firm use in;order to produce 300 units of output at the least cost?

Paper#56747 | Written in 18-Jul-2015

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