A dressmaker uses labor and capital (sewing machines) to produce dresses in a competitive market. Suppose the last unit of labor hired cost $1,000 per month and increased output by 100 dresses. The last unit of capital hired (rented) cost $500 per month and increased output by 80 dresses. Is the dressmaker minimizing costs? If not, what changes need to be made?
Microeconomics: Private and Public...
Microeconomics: Private and Public...
A dressmaker uses labor and capital (sewing machines) to produce dresses in a competitive market. Suppose the last unit of labor hired cost $1,000 per month and increased output by 100 dresses. The last unit of capital hired (rented) cost $500 per month and increased output by 80 dresses. Is the dressmaker minimizing costs? If not, what changes need to be made?
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