11. Use a diagram to explain the following: In the case of perfect substitutes, if the ratio...
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11. Use a diagram to explain the following: In the case of perfect substitutes, if the ratio of input prices equals the MRTS, will a unique solution to the firm’s cost-minimization problem exist?
In the case of perfect substitutes, if the ratio of input prices does not equal the MRTS, where will we find the solution to the firm’s costminimization problem graphically?
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Related Book For
Microeconomics
ISBN: 9780716759751
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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