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Author Question: In Sewei's lawnmowing business, in order to produce each mowed lawn, Sewei must hire exactly one ... (Read 62 times)

Hungry!

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on: Jul 1, 2018
In Sewei's lawnmowing business, in order to produce each mowed lawn, Sewei must hire exactly one unit of capital (a lawnmower) and exactly one unit of labor. Describe the elasticity of substitution between labor and capital.
 
  What will be an ideal response?

Question 2

Opportunistic behavior is best described as a firm
 
  A) gathering as much information as possible before dealing with another entity.
  B) attempting to make a profit from its dealings with another entity.
  C) firm trying to take advantage of another entity in its dealings with it.
  D) selecting another entity to deal with.


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ankilker

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Reply #1 on: Jul 1, 2018
Answer to Question 1

Since substitution is not possible here, there is zero elasticity of substitution.

Answer to Question 2

C


Hungry!

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

LVPMS

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Reply 3 on: Yesterday
Excellent

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