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Use the Following Figure That Shows a Firm's Isoquant for Producing

Question 22

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Use the following figure that shows a firm's isoquant for producing 3,000 units of output and four isocost curves. Labor and capital each cost $100 per unit. Use the following figure that shows a firm's isoquant for producing 3,000 units of output and four isocost curves. Labor and capital each cost $100 per unit. -At point C the firm __________________ the cost of producing 3,000 units of output. The MRTS is _______________ (greater than, less than, equal to) the input price ratio, w/r.

-At point C the firm __________________ the cost of producing 3,000 units of output. The MRTS is _______________ (greater than, less than, equal to) the input price ratio, w/r.

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