Question: Use the following table to answer the next three questions. (1) Factor of Production (2) Value of the Marginal Product Labor $450 Land $125,000

Use the following table to answer the next three questions. (1) Factor

Use the following table to answer the next three questions. (1) Factor of Production (2) Value of the Marginal Product Labor $450 Land $125,000 Capital $40,000 (3) Wage or Rental (4) Bang per Price Buck $20 $5,000 $1,000 Assume the rental price of land falls by half. In this case, the bang per buck for land is factor with the highest bang per buck is O $50: land O $25; land $50; labor $50: capital O $25: capital and the

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