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05-04-2024
Business

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The current market wage rate is 1010, the rental rate of land is 100100 per unit, and the rental rate of capital is 500500. Production managers at the firm find that under their current allocation of factors of production, the marginal revenue product of labor is 160160, the marginal revenue product of land is 1,6001,600, and the marginal revenue product of capital is 1,5001,500. Is the firm maximizing profit?
1) No. The marginal revenue product of each input is not equal.
2) No. The marginal revenue product per dollar spent on each input is not equal.
3) No. The marginal factor cost of each input is not equal.
4) Yes. The firm is maximizing profits.

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