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Units of Capital MP of Capital Units of Labor MP of Labor
0 24 0 11
1 21 1 9
2 18 2 8
3 15 3 7
4 9 4 6
5 6 5 4
6 3 6 1
7 1 7 1/2
8 1 8
Suppose the productivity of capital and labor are as shown in the table is the input of these resources. They sell in a purely competitive market for $1.00 per unit. Both capital and labor are hired under purley competitive conditions at $3 and $1, respectively.
a. What is the least-cost combination of labor and capital the firm should employ in producing 80 units of output?
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Prisoner's dilemma is a game that has been and continues to be studied by people from a variety of disciplines, from biology to sociology to public policy. Prisoner's dilemma is believed to be one of the most powerful metaphors in all of human behavi..
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