5.4 Until the mid-eighteenth century when spinning became mechanized, cotton was an expensive and relatively unimportant textile
Question:
5.4 Until the mid-eighteenth century when spinning became mechanized, cotton was an expensive and relatively unimportant textile (Virginia Postrel,
“What Separates Rich Nations from Poor Nations?” New York Times, January 1, 2004). Where it used to take a hand-spinner 50,000 hours to hand-spin 100 pounds of cotton, an operator of a 1760s-era hand-operated cotton mule-spinning machine could produce 100 pounds of stronger thread in 300 hours. When the self-acting mule spinner automated the process after 1825, the time dropped to 135 hours, and cotton became an inexpensive, common cloth. In a figure, show how these process innovations affected isoquants.
Explain briefly.
Step by Step Answer:
Managerial Economics And Strategy
ISBN: 9780135640944
2nd Global Edition
Authors: Jeffrey M. Perloff, James A. Brander