If Al-quds firm has $ 800 to be spent on two factors of production, the price of labour PL = $ 10 , and the price of machine Pm = $ 4. 1. Derive and draw the Iso-cost line ? 2. Derive the Iso-cost line formula ? 3. If the producer equilibrium occurs when the number of labor is 60 workers, and the output is 500 units. Calculate and draw the quantity of machines that achieves the equilibrium ?
If Al-quds firm has $ 800 to be spent on two factors of production, the price of labour PL = $ 10 , and the price of machine Pm = $ 4. 1. Derive and draw the Iso-cost line ? 2. Derive the Iso-cost line formula ? 3. If the producer equilibrium occurs when the number of labor is 60 workers, and the output is 500 units. Calculate and draw the quantity of machines that achieves the equilibrium ?
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 3QCMC
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. If Al-quds firm has $ 800 to be spent on two factors of production, the
1. Derive and draw the Iso-cost line ?
2. Derive the Iso-cost line formula ?
3. If the producer equilibrium occurs when the number of labor is 60 workers, and the output is 500 units. Calculate and draw the quantity of machines that achieves the equilibrium ?
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