Use the following figure that shows a firm's isoquant for producing 3,000 units of output and four isocost curves. Labor and capital each cost $100 per unit.

-At point A, the MRTS is ____________ (less than, greater than, equal to) the input price ratio, w/r. The total cost of producing 3,000 units of output with input combination A is $____________.

Question

Use the following figure that shows a firm's isoquant for producing 3,000 units of output and four isocost curves. Labor and capital each cost $100 per unit.

-At point A, the MRTS is ____________ (less than, greater than, equal to) the input price ratio, w/r. The total cost of producing 3,000 units of output with input combination A is $____________.

Quizplus · Accepted Answer

The Answer of Use the following figure that shows a firm's isoquant for producing 3,000 units of output and four isocost curves. Labor and capital each cost $100 per unit.

-At point A, the MRTS is ____________ (less than, greater than, equal to) the input price ratio, w/r. The total cost of producing 3,000 units of output with input combination A is $____________.

Use the Following Figure That Shows a Firm's Isoquant for Producing