Title: A curve that shows all the combinations of two inputs, such as labor and capital, that will produce ...
Post by: dwilliams11 on Oct 9, 2019
Question 1.
Figure 11-15
Refer to Figure 11-15. Suppose Hilda produces 100 gooseberry pies. What is the marginal rate of technical substitution of labor for capital when labor is increased from 10 to 20 hours?
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1 unit of capital
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10 units of capital
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14 units of capital
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24 units of capital
Question 2.
A curve that shows all the combinations of two inputs, such as labor and capital, that will produce the same level of output is called
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an isoquant.
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an optimal input combination curve.
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a budget line.
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an isocost line
Title: A curve that shows all the combinations of two inputs, such as labor and capital, that will produce ...
Post by: abonaccorso1 on Oct 9, 2019
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