Where is marginal product of capital and is unit price of

Reference no: EM13393603

If a firm wants to maximize profit, it will try to minimize the cost of producing a given output or maximize the output derived from a given level of cost. The firm will choose it production function . We learned from the isocost curve that if a firm utilizes two inputs such as capital, K and labor, L, it will choose input combination such that where is the marginal product of capital and is the unit price of capital and is marginal product of labor and is the unit price per labor. In what ways can a firm chose an input combination from several inputs as?

Reference no: EM13393603

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