A firm produces its output using only capital and labor.Labor costs $100 per worker per day and
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A firm produces its output using only capital and labor.Labor costs $100 per worker per day and capital costs $200 per unit per day. If the marginal product of the last worker employed is 500 and the marginal product of the last unit of capital is 1,000, is the firm employing the cost-minimizing combination of inputs? Explain.
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