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PaulKet PaulKet
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Posts: 488
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6 years ago
Suppose the production function for a certain device is q = L + K. If a labor-saving technical change has occurred, which of the following could be the new production function?
A) q = L + 5K
B) q = 5 ∗ (L + K)
C) q = 5L + K
D) All of the above are possible.
Textbook 
Microeconomics: Theory and Applications with Calculus

Microeconomics: Theory and Applications with Calculus


Edition: 4th
Author:
Read 85 times
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The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.

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wrote...
6 years ago
C
PaulKet Author
wrote...
5 years ago
Smiling Face with Open Mouth Yay, got perfect on my quiz
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
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