Lectures in microeconomics can be delivered either by an instructor (labor) or a movie (capital) or any combination of both. Each minute of the instructor's time delivers the same amount of information as a minute of the movie
Which graph in the above figure best represents the isoquants for lectures in microeconomics when capital per day is on the vertical axis and labor per day is on the horizontal axis? A) Graph A
B) Graph B
C) Graph C
D) Graph D
C
You might also like to view...
Which of the following statements is true?
A) For positive growth, consumption in an economy should always be less than savings. B) The greater the savings rate in an economy, the slower is the rate of capital accumulation. C) The greater the consumption expenditure in an economy, the faster is capital accumulation. D) Extremely high savings rate can be counterproductive for an economy in short term.
A major problem with household data is that:
a. the income of the households vary greatly. b. the households usually vary in their consumption patterns. c. the households usually comprise of only one individual. d. collecting data from the households is highly inconvenient. e. the number of persons per household varies greatly.