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Satsume Satsume
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6 years ago
Ronald's Outboard Motor Manufacturing plant production function is y(K, L) = 25 .  Ronald is investigating a new outboard motor manufacturing technique.  Ronald believes that if he adopts the new technique, his production function for outboard motors will become: y(K, L) = 36 .  Given that Ronald uses 4 units of machine hours, sketch his production function with the old technique and the new technique as he increases labor hours.  With the new technique, do labor hours contribute more to production?
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Microeconomics

Microeconomics


Edition: 8th
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Bart_argBart_arg
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