A firm is currently producing 3,000 units of output daily by employing 20 units of labor at a price of $100 per unit and 40 unit
s of capital at a price of $40 per unit. The marginal product of the last unit of labor employed is 50, and the marginal product of the last unit of capital employed is 30. In order to minimize its production costs, the firm should do which of the following?.
