Question: A detailed solution step by step to get answer would be appreciated! Thank you! d. Suppose the productivity of capital and labour are as shown

A detailed solution step by step to get answer would be appreciated! Thank you!

d. Suppose the productivity of capital and labour are as shown in the accompanying table. The output in a perfectly competitive market for $1 0 per unit. Both capital and labor are hired under perfectly competitive conditions at $100 and $100, respectively. MPK 27 24 18 12 MPL 18 15 12 a. b. What is the least-cost combination of labour and capital the firm should employ in producing 81 units of output? Explain. What is the profit-maximizing combination of labor and capital the firm should use? Explain. What is the resulting level of OUtPUt? What is the economic profit?

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