24. Acompetitive fim will hire inputs up to the point where: x a. The price of the input equals its marginal physical product of the input. b. The marginal product of the input reaches a maximum. The price of theinputequals the valuo of the marginal product of the input. d. The price of the input equals the price of the output.

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A: MPL is the marginal product of labor. We can calculate MPL by finding partial derivative of Q wrt L.…

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A: To check degree of homogeneity, put K=Kt and L=Lt in the MPk and MPl functions.

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