00t 08 ot Shelter 06 09 OS 50 45 Q, =5 40 or 35 15 Q, =10 30 25 25 Q, =15 20 Q, = 30 15 SE Q, = 20 10 Q; = 10 Os 10 20 30 40 50 60 70 80 90 100 Food Labor 1. How much capital is being used to produce shelter in this economy? 2. How much food is being produced by the economy? 3. Suppose the marginal rate of technical substitution for producing food and shelter are as follows: ƏK MRTSF = -5 %3D aL ƏK MRTSS -5 %3D Te True or False: This economy is operating at input efficiency. Capital Capital

00t 08 ot Shelter 06 09 OS 50 45 Q, =5 40 or 35 15 Q, =10 30 25 25 Q, =15 20 Q, = 30 15 SE Q, = 20 10 Q; = 10 Os 10 20 30 40 50 60 70 80 90 100 Food Labor 1. How much capital is being used to produce shelter in this economy? 2. How much food is being produced by the economy? 3. Suppose the marginal rate of technical substitution for producing food and shelter are as follows: ƏK MRTSF = -5 %3D aL ƏK MRTSS -5 %3D Te True or False: This economy is operating at input efficiency. Capital Capital

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 21CTQ: It is clear that productive inefficiency is a waste since resources are used in a way that produces...

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