Refer to the following:
The price of capital is $500 per unit.
-How many units of labor should a firm use in order to produce 30,000 units of output at the lowest possible cost?
A) 300 units of labor
B) 320 units of labor
C) 500 units of labor
D) 800 units of labor
E) none of the above
Correct Answer:
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A)represents the lowest possible cost
A)total cost decreases
