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The least costly combination of capital and labor requires

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If the price of capital is $24, the price of labor is $15, and the marginal product of capital is 16. Using the above information, answer the following showing all the steps you made to get a final answer. 

a- The least costly combination of capital and labor requires that the marginal product of labor be ________.? 

b- At the least cost point in a, the slope of the isocost line will be______ ? 

Reference no: EM13316150

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