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19-01-2021
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The price of labor is $1,000 per day, and the price of capital is $3,000 per day. To hire inputs in a cost-minimizing way, the firm should

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andromache andromache

20-01-2021

Answer:

make no changes to the mix of inputs

Explanation:

Since in the question it is mentioned that the labor marginal product is 30 square feet and the capital marginal product is 90 square feet also the labor price is $1,000 and the capital price is $3,000 now to hire the inputs in order to minimize the cost the firm should not do any kind of changes with respect to the input mix

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