Question: Suppose that two variable inputs, labor andLand, are used to produce crops on a piece of agricultural land. Explain graphically & mathematicallyhow to determine the

  1. Suppose that two variable inputs, labor andLand, are used to produce crops on a piece of agricultural land.
    1. Explain graphically & mathematicallyhow to determine the quantities of labor that would be used on the land to maximize land rent.
    2. By setting the marginal revenue product of labor equal to the wage rate, we can determine the optimal quantity of labor to be used on the land to maximize land rent.

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