Please give me proper calculation and full explanation otherwose i give multiple downvoteNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. You own a farm, you hire labor and capital to produce apples. The marginal product ofthe last unit of labor input is 15 and the marginal product of the last unit of capitalinput is 45. The market wage for labor is $8. If you are using the optimal combinationof inputs, then the price of capital is?Select one:O a. $45O b. $24O C.O d. $3$360

Capital here means financial capital or the available assets that an individual or business uses to…

Answered: You own a farm, you hire labor and…

You own a farm, you hire labor and capital to produce apples. The marginal product the last unit of labor input is 15 and the marginal product of the last unit of capital 45 Th GO 161

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 8P

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

Question

Please give me proper calculation and full explanation otherwose i give multiple downvote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

You own a farm, you hire labor and capital to produce apples. The marginal product of
the last unit of labor input is 15 and the marginal product of the last unit of capital
input is 45. The market wage for labor is $8. If you are using the optimal combination
of inputs, then the price of capital is?
Select one:
O a. $45
O b. $24
O C.
O d. $3
$360

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