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Classic Tyres (CT) hires 125 workers and 40 machines to produce its product. The MPL of the last worker is 20 tyres/day; the MPM of the last machine is 50 tyres/day. The daily paid for each worker is EC$50 and the rental of each machine is EC$150/day.
a) What is the MP per dollar spent on a worker?
b) What is the MP per dollar spent on machine?
c) Is CT utilizing workers and machines in the cost– minimizing manner? Explain
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