Calculation of price of labor and least cost production.
In the following figure, the price of capital (r) is $300 per unit
![119_Labor - Capital 1.jpg](https://secure.secure.tutorsglobe.com/CMSImages/119_Labor%20-%20Capital%201.jpg)
![1693_Labor - Capital 2.jpg](https://secure.secure.tutorsglobe.com/CMSImages/1693_Labor%20-%20Capital%202.jpg)
1.What is the price of labor?
2. Explain how many units of labor should a company utilize use in order to produce 500 units of output at the lowest possible cost?