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Suppose that worker hours (L) and machine hours (K) are perfect substitute inputs in the production of widgets (Q). Moreover, to produce an additional widget,
Suppose that worker hours (L) and machine hours (K) are perfect substitute inputs in the production of widgets (Q). Moreover, to produce an additional widget, the firm can either employ 50 more worker hours OR 10 more machine hours. Which of the following correctly represents the production of widgets?
a. (,) = 10 + 50
b. (,) = 50 + 10
c. (,) = 0.1 + 0.02
d. (,) = 0.02 + 0.1
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