The following table shows the number of machines used and the daily output of a firm manufacturing notebooks.
a)Calculate the marginal product of capital at different levels of employment.If the market price of each notebook is $3,calculate the value of the marginal product of capital.
b)How many machines should the firm rent if the rental price of each machine is $12 per day? How many machines should the firm rent if the rental price increases to $30 per day?
Definitions:
Secondhand Smoke
Smoke from the tobacco products and exhalations of other people; also referred to as passive smoking.
Throat Cancer
A type of cancer that develops in the throat (pharynx), voice box (larynx), or tonsils.
Hydrocarbons
Chemical compounds consisting of hydrogen and carbon.
Lung Cancer
A type of cancer that originates in the lungs, often associated with smoking, though it can also occur in non-smokers due to genetic or environmental factors.
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