Suppose shoe manufacturers can substitute between labor l
Suppose shoe manufacturers can substitute between labor (L) and capital (K) in producing shoes. Further suppose that due to global competition the price of capital equipment used to produce shoes has decreased significantly. Assume shoe manufacturers want to minimize the cost of producing shoes. Using an isocost-isoquant model, illustrate graphically (with labor on the horizontal axis and capital on the vertical) and discuss how the price decrease in shoe manufacturing equipment would change:
a. the isocost line for producing a given output of shoes (call that output 10,000Q),
b. the combination of labor and capital used to produce 10,000 shoes,
c. the marginal rate of technical substitution of labor for capital (MRTS) for producing 10,000 shoes, and
d. the total cost of producing 10,000 shoes.
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