Which of the following is NOT an expression for the cost minimizing combination of inputs?
A) MRTS = MPL /MPK
B) MPL/w = MPK/r
C) MRTS = w/r
D) MPL/MPK = w/r
E) none of the above
A
Economics
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Maria can work as a coal miner, where the probability of being killed in a work-related accident is 5/8,000, or she can earn work as a truck driver, where the probability of being killed in a work-related accident is 2/8,000
Using the compensating differential approach, the value of Maria's life is $4 million. How much more per year will working as a coal miner pay than working as a truck driver? A) $1,500 B) $2,000 C) $2,500 D) $3,500
Economics
The rationing mechanisms that develop under binding price floors are usually efficient
a. True b. False Indicate whether the statement is true or false
Economics