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March 25, 2017

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suppose that the marginal product of the last worker employed by a firm is 40 units of output per day and the daily wage that the firm must pay is $20 while the marginal product of the last machine rented by the firm is 120 units of out put per day and the daily rental machine is $30.
a) why is this firm not max. output or min. cost in long run?
b)how can this firm max. output or min. cost in long run?

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