1. In the resource market, say labor, who is on the demand side and who is on the supply side? What is the difference between monetary flows and real flows? 2a. Assume, the wage rate for Labor = $20/hour and capital cost is $10/hour, find out the cost for techniques 1 and 2. 2b. Assume, the wage rate for Labor = $10/hour and capital cost is $20/hour, find out cost techniques 1 and 2 Capital needed Labor needed 10 Technique 1 Technique 2 8 2 What conclusion do you derive from the above example?

1. In the resource market, say labor, who is on the demand side and who is on the supply side? What is the difference between monetary flows and real flows? 2a. Assume, the wage rate for Labor = $20/hour and capital cost is $10/hour, find out the cost for techniques 1 and 2. 2b. Assume, the wage rate for Labor = $10/hour and capital cost is $20/hour, find out cost techniques 1 and 2 Capital needed Labor needed 10 Technique 1 Technique 2 8 2 What conclusion do you derive from the above example?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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This multiple choice question from MACROECONOMICS course. just write for me the final answer.
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