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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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