6 Alternative ways of making 100 shirts a day are: Labour Capital Method (hours) (machines) A 10...

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6 Alternative ways of making 100 shirts a day are: Labour Capital Method (hours) (machines) A 10 50 B 20 40 C 50 20 D 100 10 a Which methods are technologically efficient? b Which method is economically efficient if the hourly wage rate and rental rate are: i Wage rate a1, rental rate a100? ii Wage rate a5, rental rate a50? iii Wage rate a50, rental rate a5?

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Economics

ISBN: 9781509540235

6th Edition

Authors: Michael Parkin, Melanie Powell, Kent Matthews

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