Using the table, how many units of land, labor, and capital would you hire?
5 units of land; 6 units of capital; and 4 units of labor.
Economics
You might also like to view...
Refer to the graph shown. The shift from SATC3 to SATC4 reflects:
A. diminishing marginal productivity. B. economies of scale. C. diseconomies of scale. D. increasing marginal productivity.
Economics
In a free market, the market price and quantity in the above figure will adjust to equilibrium values of
A. $1 per gallon and 50 million gallons. B. $2 per gallon and 60 million gallons. C. $4 per gallon and 10 million gallons. D. $2 per gallon and 30 million gallons.
Economics