A production technology that lies on the diagram's $500 isocost line dominates a technology that lies on the diagram's $700 isocost line, no matter what happens to the price of labour and capital. is it true or false
A production technology that lies on the diagram's $500 isocost line dominates a technology that lies on the diagram's $700 isocost line, no matter what happens to the price of labour and capital. is it true or false
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 8SQP
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A production technology that lies on the diagram's $500 isocost line dominates a technology that lies on the diagram's $700 isocost line, no matter what happens to the
Transcribed Image Text:7 N₂
N₁
6
5
O
Z
M
50
-$700 Iso-cost Line
$600 Iso-cost Line
-$500 Iso-cost Line
M₁ M₂
60 70
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