Given an output price of $500, total output (in body of table), the quantity of each...

Given an output price of $500, total output (in body of table), the quantity of each input (in rows), the price of inputs (in columns), and a budget of $1,200,000, calculate marginal product and marginal revenue product for each input. Which resources in what quantities should be employed to maximize the value of the firm?

Low Skill High Skill Low Capacity High Capacity Building

Labor Labor Supplies Equipment Equipment & Land

Input $30,000 $50,000 $20,000 $100,000 $400,000 $500,000

1 64 120 50 250 1,000 1,350

2 130 220 98 475 - -

3 200 300 144 675 - -

4 266 360 186 850 - -

5 330 400 228 1,000 - -

Expert Solution

Rahul Sunny answered 1 year ago

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