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Author Question: Assume the prices of labor and capital remain the same, but the average educational level of workers ... (Read 79 times)

2125004343

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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.


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Marked as best answer by 2125004343 on Apr 19, 2019

djofnc

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