Short run scale effect and long run substitution effect
Problem: Use an isoquant/isocost diagram and words to show how firms will respond to a decrease in the wage rate. Be sure to identify the short run scale effect and the long run substitution effect.
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Use an isoquant/isocost diagram and words to show how firms will respond to a decrease in the wage rate. Be sure to identify the short run scale effect and the long run substitution effect.
Suppose that the firm's Production Data is given in the following schedule (where Q is the level of output). If P=$50 and w=$14,500, how many workers should the firm hire to maximize profits?
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a) Why are short-run marginal cost curves expected to slope upward? b) If you know that average costs are increasing, is the marginal cost curve above or below the average cost curve?
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