Suppose that a firms cost per unit of labor is $100 per day and its cost per
Question:
a. Draw the isocost line for a total cost per day of $2,000. Label the axes.
b. If this firm is producing efficiently, what is the marginal rate of technical substitution between labor and capital?
c. Demonstrate your answer to part (b) using isocost lines and isoquant curves
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a b The MRTS is the slope of an isoquant In equilibrium it equals the slope of the isocost l...View the full answer
Answered By
Hemstone Ouma
"Hi there! My name is Hemstone Ouma and I am a computer scientist with a strong background in hands-on experience skills such as programming, sofware development and testing to name just a few. I have a degree in computer science from Dedan Kimathi University of Technology and a Masters degree from the University of Nairobi in Business Education. I have spent the past 6 years working in the field, gaining a wide range of skills and knowledge. In my current role as a programmer, I have had the opportunity to work on a variety of projects and have developed a strong understanding of several programming languages such as python, java, C++, C# and Javascript.
In addition to my professional experience, I also have a passion for teaching and helping others to learn. I have experience as a tutor, both in a formal setting and on a one-on-one basis, and have a proven track record of helping students to succeed. I believe that with the right guidance and support, anyone can learn and excel in computer science.
I am excited to bring my skills and experience to a new opportunity and am always looking for ways to make an impact and grow as a professional. I am confident that my hands-on experience as a computer scientist and tutor make me a strong candidate for any role and I am excited to see where my career will take me next.
8+ Reviews
23+ Question Solved
Related Book For 
Microeconomics A Contemporary Introduction
ISBN: 978-1111415921
9th edition
Authors: William A. McEachern
Question Posted:
