Answer:
A new CD is the correct answer.
Explanation:
Answer: c.) hire less labor and rent more capital
Explanation:
To answer this we would need to find out the Marginal cost per dollar of producing with either form of production being labour or capital.
The Marginal Product of Labour is 20 units resulting from $4 dollars so that means that for every dollar spent on Labour we get,
= 20/4
= 5 units of output.
However, The Marginal Product of renting Capital is 30 units resulting from $5 dollars so that means that for every dollar spent on Capital we get,
= 30/5
= 6 units of output.
This means that renting Capital is more efficient because we get 1 more unit of output per dollar and so to minimize cost of production without changing the level of output, the firm should hire less labor and rent more capital.
By definition, empirical probability is equal to C. Number of successful trials/Total number of trials.
<h3>What is an empirical probability?</h3>
It should be noted that empirical probability simply means a experimental probability that is based on historical data.
In this case, by definition, empirical probability is equal to the number of successful trials divided by the total number of trials.
Learn more about empirical probability on:
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