You are the CEO of large-scale corporate farms, and your managers run two farms in neighboring counties.

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You are the CEO of large-scale corporate farms, and your managers run two farms in neighboring counties. Your chief financial officer reports that in both Rice and Reno counties, farm labor can be hired for $7.36 per hour, farm equipment can be rented for $433 per hour, and land can be rented for $50 per acre. She also reports that the MRTSLK in Rice county is higher than the MRTSLK in neighboring Reno county. Are you minimizing your costs? Explain.
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Microeconomics

ISBN: 9781464146978

1st Edition

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

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