Business, 24.02.2020 17:16 parisaidan366

A firm uses 80 hours of labor and 6 units of capital to produce 10,000 gadgets per day. Labor's marginal product is 4 gadgets per hour and the marginal product of capital is 20 gadgets per hour. Each unit of labor costs $8 per hour and each unit of capital costs $50 per hour. If the firm wants to continue producing 10,000 gadgets per day at the lowest possible cost, it should
A. continue using 80 hours of labor and 6 units of capital.
B. use less of both inputs.
C. use more labor and less capital.
D. use more capital and less labor.

Answers: 1

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A firm uses 80 hours of labor and 6 units of capital to produce 10,000 gadgets per day. Labor's marg...