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Assume that an appliance manufacturer is employing variable factors X and Y in such amounts that the MRPs of the last units of X and Y employed are $100 and $60 respectively. Factor X can be hired at $50 per unit and factor Y at $20 per unit. If you are the manager of the firm, what is your proper employment strategy for maximizing your firm's profit?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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