Question 1
Refer to the information provided in Figure 7.6 below to answer the question(s) that follow.
Refer to Figure 7.6. If the price of capital is $10 and the price of labor is $20, the optimal production technique is
◦ A.
◦ B.
◦ C.
◦ D.
Question 2
Refer to the information provided in Figure 7.6 below to answer the question(s) that follow.
Refer to Figure 7.6. If this shoe manufacturer increases labor from 20 to 25 (moving along the given isoquant with
Q=50), the marginal product of the 25th worker
◦ is zero, as the total number of shoes produced remains at 50.
◦ is 7.5, as capital can be reduced by 7.5 units when the 25th worker is hired.
◦ cannot be determined because output remains constant.
◦ cannot be determined because both capital and labor have been increased.
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