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Answer to Question #163353 in Microeconomics for Juliana
Question #163353
Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital is $6 and the price of labor is $2.50, describe how the firm should adjust its mix of capital and labor? What will be the result?
Expert's answer
A firm can realize capital and use the freed-up funds to improve labor, that is, to increase the value of labor by improving its quality characteristics.
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