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If the price of capital is 24 the price of labor is 15 and

If the price of capital is $24, the price of labor is $15, and the marginal product of capital is 16. Using the above information, answer the following showing all the steps you made to get a final answer.

a- The least costly combination of capital and labor requires that the marginal product of labor be ________.?

b- At the least cost point in a, the slope of the isocost line will be______ ?

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International Economics: If the price of capital is 24 the price of labor is 15 and

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Solution Preview :

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International Economics: If the price of capital is 24 the price of labor is 15 and

Reference No:- TGS0654830

Have a Question? (oR Write a Review)

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Solution Preview :

Prepared by a verified Expert

International Economics: If the price of capital is 24 the price of labor is 15 and

Reference No:- TGS0654830

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