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Maximizing output or minimizing costs

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Reference no: EM131449204

Suppose that the marginal product of the last worked employer by a firm is 40 units of output per day and the daily wage that the firm must pay is $20, while the marginal product of the last machine rented by the firm is 120 units of output per day and the daily rental price of the machine is $30.

  • Why is the firm not maximizing output or minimizing costs in the long run?
  • How can the firm maximize output or minimize costs?

Reference no: EM131449204

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