Wages relative to the cost of capital 1.8 1.4 i England France 1580 1600 1620 1640 1660 1680 1700 1720 1740 1760 1780 1800 1820 Year Which element in the model of firm's technology choice is represented by the variable on the vertical axis, i.e. wages relative to the cost of capital? O a. the horizontal axis (number of workers) O b. the vertical axis (tonnes of coal) Oc. Points A and B O d. slope of the isocost lines 0.9 0.5
Wages relative to the cost of capital 1.8 1.4 i England France 1580 1600 1620 1640 1660 1680 1700 1720 1740 1760 1780 1800 1820 Year Which element in the model of firm's technology choice is represented by the variable on the vertical axis, i.e. wages relative to the cost of capital? O a. the horizontal axis (number of workers) O b. the vertical axis (tonnes of coal) Oc. Points A and B O d. slope of the isocost lines 0.9 0.5
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 8SCQ: Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are...
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