Answer:
Cost minimization occurs when Marginal Product of Cement / Price of Cement = Marginal Product of Labor / Price of Labor.
Costs are minimized when the marginal product per dollar spent on all inputs is the same.
a.) Using the equation above, 50 / $4000 = 4 / $12
0.0125 = .333333 which is NOT equal. Therefore, the firm is not minimizing its cost of producing parking spaces. This is because the marginal products per dollar spent on inputs is not the same.
b.) Since the firm is not cost-minimizing, the firm must either choose quantities of C and L that make the marginal products per dollar equal. This can be done several ways, but for a concrete example, the firm can choose a quantity of C that will increase the MPC to $1,333.33. Then MPC / Price of C = 1,333.33 / $4,000 = 0.3333333 which would be equal to MPL / Price of L.
You can also decrease the MPL to meet 0.15. Then MPL / Price of L = 0.15 / $12 = 0.0125 which would be equal to MPC / Price of C.
Explanation:
Explanation:
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Answer:
One argument made against the act was that the act went against what the foundation of America was built off of: the Constitution. Treaties formally signed with the Natives regarding their right to possess their own land were neglected.
Explanation:
Answer:
True
Explanation:
The attributes that makes customer relationships work are good sales, customer's perception of value, trust, integrity, authenticity, and consistency, williness to listen to better understand customer challenges, ability to communicate in creative ways, and willingness to contribute beyond what is expected.