In the first 4 blank the option are (1 units, 2 units 3 units or 4 units) & in t

Question

In the first 4 blank the option are (1 units, 2 units 3 units or 4 units) & in the last blank the options are ( Fewer units labor and capital that) (the same amounts of labor and capital as) (more units of laobr and capital than)

Marvin's Milk Farm produce milk and sell it in a perfectly competitive mark at $4 per bottle. The following table shows Marvin's weekly total and material physical product schedules. using labor and capital. Assume that labor and capital may be used independently-that It, one is not needed in order for the other to be productive. Therefore, the total amount of milk that Marvin's produce is obtained by adding the amount of milk produced by labor to the amount produced by capital. The table also shown the total revenue and marginal revenue product of labor and capital. Finally, assume that Marvin's Milk Farm purchase labor and capital in perfects competitive markets. Labor costs $48 per week, and capital cost $72 per week.

Explanation / Answer

1. 3 units and 2 units

2. 3 units and 2 units

3. the same amounts of labor and capital as

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