Alternative ways of laundering 100 shirts are Labor Capital Method (hours) (machines) A 1 10 B 5
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Alternative ways of laundering 100 shirts are Labor Capital Method (hours) (machines)
A 1 10 B 5 8 C 20 4 D 50 1
a. Which methods are technologically efficient?
b. Which method is economically efficient if the hourly wage rate and the implicit rental rate of capital are as follows:
(i) Wage rate $1, rental rate $100?
(ii) Wage rate $5, rental rate $50?
(iii)Wage rate $50, rental rate $5?
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