Business, 16.04.2020 04:37 kirathadoll

In each of the following four cases, MRPL and MRPC refer to the marginal revenue products of labor and capital, respectively, and PL and PC refer to their prices. Indicate in each case whether the conditions are consistent with maximum profits for the firm. If not, state which resource(s) should be used in larger amounts and which resource(s) should be used in smaller amounts. a. MRPL = $8; PL = $4; MRPC = $8; PC = $4. These conditions are consistent with maximum profits for the firm: . Which resource should be used in larger and/or smaller amounts: . b. MRPL = $10; PL = $12; MRPC = $14; PC = $9. These conditions are consistent with maximum profits for the firm: . Which resource should be used in larger and/or smaller amounts: . c. MRPL = $6; PL = $6; MRPC = $12; PC = $12. These conditions are consistent with maximum profits for the firm: . Which resource should be used in larger and/or smaller amounts: . d. MRPL = $22; PL = $26; MRPC = $16; PC = $19. These conditions are consistent with maximum profits for the firm: . Which resource should be used in larger and/or smaller amounts: .

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In each of the following four cases, MRPL and MRPC refer to the marginal revenue products of labor a...

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