160 150 Q₁-10,000 Q₂=12,000 120 Capital (K) 70 28 60 E Long-run expansion path ISS Short-run expansion path (R-70) Short-run expansion path (R-60) 150 180 225 240 Labor (L) 0 90 120
160 150 Q₁-10,000 Q₂=12,000 120 Capital (K) 70 28 60 E Long-run expansion path ISS Short-run expansion path (R-70) Short-run expansion path (R-60) 150 180 225 240 Labor (L) 0 90 120
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I need help finding the true statements. I originally said it was 1,6, and 8 but was marked as incorrect.
1.Because capital is assumed to be fixed in the short run
2.Because labor is assumed to be fixed in the short run
3.Because capital is assumed to be variable in the short run
4.Because labor is assumed to be variable in the short run
5.Because capital is assumed to be fixed in the long run
6.Because capital is assumed to be variable in the long run
7.Because labor is assumed to be fixed in the long run
8.Because labor is assumed to be variable in the long run
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