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asprague24 asprague24
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Posts: 486
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5 years ago

Question 1.

The specific technology chosen by a profit-maximizing clothing manufacturer depends on



▸ input prices.

▸ output prices.

▸ demand for the output.

▸ supply of the output.

Question 2.

Assume the prices of labor and capital remain the same, but the average educational level of workers decreases and therefore labor productivity decreases. This would lead a firm to



▸ use a more capital-intensive production technology.

▸ use a more labor-intensive technology.

▸ not change its production technology, but produce fewer units of output.

▸ use only capital to produce the product.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
Read 69 times
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Answer verified by a subject expert
osvaldoguzmanosvaldoguzman
wrote...
Posts: 410
5 years ago
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asprague24 Author
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5 years ago
Thanks
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