Question
My friend Saul can make figurines by hand, but it is tiring work. If he works forLhours he can makeL1/2figurines. (a) This is really a
My friend Saul can make figurines by hand, but it is tiring work. If he works forLhours he can makeL1/2figurines.
(a) This is really a hobby for Saul, so he values his own labor at just $15/hour. What will it cost Saul to makeqfigurines by hand? [5pts]
Saul learns that he can rent a machine for $60/hour that will help him to make figurines. If he usesKhours of the machine andLhours of his own labor he can make(1 +K)1/2L1/2figurines.
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Macroeconomics
Authors: Charles I. Jones
3rd edition
978-0393123944, 393123944, 393923908, 978-0393923902
