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3) Consider two types of labor (high-skilled and low-skilled) that are independent in the production process. In conjunction with a graph, explain how the
3) Consider two types of labor (high-skilled and low-skilled) that are independent in the production process. In conjunction with a graph, explain how the organization should determine what mix of employees to hire. Be sure to clearly indicate the optimal stamng choice. Lastly, a naive approach to hiring might only look at absolute labor costs (e.g., high-skilled workers are more expensive than low- skilled because their salaries are higher). Explain why this naive approach is misguided. (14 points)
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