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If a firm hires one worker and eliminates four units of capital, and hires one more worker and ...

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If a firm hires one worker and eliminates four units of capital, and hires one more worker and ...

If a firm hires one worker and eliminates four units of capital, and hires one more worker and replaces three more units of capital, keeping output constant, then

▸ workers and capital are perfect substitutes.

▸ the firm is operating inefficiently because capital is more efficient than workers.

▸ the firm is experiencing a diminishing marginal rate of technical substitution.

▸ there are decreasing returns to scale.

Textbook

Managerial Economics and Strategy

Edition: 3^rd

Authors: Perloff, Brander

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