The table below shows the number of labor hours required to produce one gallon of wine and one pound of cheese in the United States and France. The opportunity cost of producing cheese in the United States is Labor hours to make:In the United StatesIn France1 gallon of wine4.001.001 pound of cheese1.002.00 

In the United States, the wealthiest 10 percent of households own about ________ of total wealth

A) 40 percent B) 66 percent C) 90 percent D) 55 percent

To dig a trench, each worker needs a shovel. Workers can only use one shovel at a time. Workers without shovels do nothing, and shovels cannot operate on their own

What kind of production technology is this? Graphically (with isocost and isoquant lines) determine the optimal number of shovels and workers used by a firm to dig two trenches when w = r = 10. What will be the (long-run) total cost of the two trenches? What will happen if the rental rate drops to $5 while the wage remains at $10? Add the relevant lines to your graph and compute the new optimal quantity of inputs and total cost.