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A publishing house is using 400 printers and 200 printing presses to produce books. The printers'...

A publishing house is using 400 printers and 200 printing presses to produce books. The printers' wage rate is $20, and the price of a printing press is $100. The last printer added 20 books to total output, while the last press added 50 books to total output. In order to maximize the number of books published with a budget of $28,000, the publishing house

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Answer #1

The Optimal condition of Production is ,where per dollar Marginal product of both inputs are equal.

Currently : Marginal product of printer/ price of printer=20/20=1

Marginal product of printer press/ price of printer press=50/100=0.5

So per dollar marginal product from printer is higher than per dollar marginal product from printer press . So firm can increase Production with same budget by Decreasing the number of printer press and hiring additional printer in place of them.

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