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Be sure to identify the short run scale effect and the long

Question: Use an isoquant/isocost diagram and words to show how firms will respond to a decrease in the wage rate. (Assume substitution between labor and capital is possible.) Be sure to identify the short run scale effect and the long run substitution effect. Explain why labor demand is more elastic in the long run than in the short run.

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Microeconomics: Be sure to identify the short run scale effect and the long

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