Consider a conversion factor for labour equal to 0.8. What is the interpretation of such conversion factor?

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Consider a conversion factor for labour equal to 0.8. What is the interpretation of such conversion factor? How can it be practically used in a Cost-Benefit Analysis?

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Applied Welfare Economics

ISBN: 978-1032022185

2nd Edition

Authors: Massimo Florio ,chiara Pancotti

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Question Posted: Jan 31, 2024 03:03 AM

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Consider a conversion factor for labour equal to 0.8. What is the interpretation of such conversion factor?

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A conversion factor in this context represents the portion or percentage of the input used in the production process For instance if the conversion fa...View the full answer

Applied Welfare Economics

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