Using the Table,how Many Units of Land,labor,and Capital Would You

question 31

Short Answer

Using the table,how many units of land,labor,and capital would you hire?
$\begin{array} { c c c c c c } \begin{array} { c } \text { Units of } \\\text { Land }\end{array} & \begin{array} { c } \text { MRP of } \\\text { Land }\end{array} & \begin{array} { c } \text { Units of } \\\text { Capital }\end{array} & \begin{array} { c } \text { MRP of } \\\text { Capital }\end{array} & \begin{array} { c } \text { Units of } \\\text { Labor }\end{array} & \begin{array} { c } \text { MRP of } \\\text { Labor }\end{array} \\1 & \$ 50 & 1 & \$ 110 & 1 & \$ 95 \\2 & 44 & 2 & 102 & 2 & 90 \\3 & 37 & 3 & 90 & 3 & 83 \\4 & 27 & 4 & 77 & 4 & 74 \\5 & 15 & 5 & 61 & 5 & 61 \\6 & 2 & 6 & 44 & 6 & 46 \\7 & -10 & 7 & 28 & 7 & 33 \\8 & -25 & 8 & 13 & 8 & 18\end{array}$
$~~~~~~~~~~~\text { Rent }=\$ 15 \quad~~~~~~~~~~~~~~~~~~~~~~ \text { Interest }=\$ 44 \quad~~~~~~~~~~~~~~~~ \text { Wage rate }-\$ 74$

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