Question 1
Refer to the information provided in Figure 7.9 below to answer the question(s) that follow.
Refer to Figure 7.9. The firm is currently along isocost
CD. If the price of capital is $40, then the price of labor is
◦ $6.
◦ $40.
◦ $240.
◦ indeterminate from this information.
Question 2
Refer to the information provided in Figure 7.9 below to answer the question(s) that follow.
Refer to Figure 7.9. The firm's isocost line would shift from
CD to
CE if
◦ the price of capital falls.
◦ the price of labor falls.
◦ the firm's total expenditure on inputs increases.
◦ either the price of labor rises or the firm's total expenditure on inputs increases.
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