Company owns 25 jars and 1 worker can make 20 per hour. so, 1 hour labor =
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Question:
same materials will be used. $9/hr for workers.
Option 1: jar production can be done at plant with workers
Option 2: rent a machine to make jars. 500 per hour.
cost of machine includes everything for $80/hour
1. what is the MPL?
2. what is the MPK?
3. recommended hours of labor and captial?
4. if jars were $.06 each would you think it worth it for production?
what is the production function for jars if L is 1 hour of labor and K is 1 hour?
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
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