Explain how many units of labor should a company utilize


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

1693_Labor - Capital 2.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?

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Business Economics: Explain how many units of labor should a company utilize
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