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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

In choosing a production technology, how will firms react if one input becomes relatively more expensive?

To determine

In choosing a production technology, how will firms react if one input becomes relatively more expensive?

Explanation

Production technology : is defined as the technology which is used in the production of a good.

So, it is regarded as a system for scheduling the production of goods and managing the stocks so as to optimize the costs.

It is used by the businesses in manufacturing so as to identify the constraint in production.

A production technology is regarded as a combination of capital and labor which is used to produce a good...

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