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Author Question: Assume that the price of labor and capital have remained the same, but that the average educational ... (Read 139 times)

clippers!

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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 $20 and the price of labor is $10, the optimal product technique is


A.
B.
C.
D.

Question 2

Assume that the price of labor and capital have remained the same, but that the average educational level of workers has increased and therefore the productivity of labor has increased. 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 to produce fewer units of output.
◦ use only labor to produce the product.


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Marked as best answer by clippers! on Apr 19, 2019

CAPTAINAMERICA

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