(a). If the firm is currently producing 90 units of output at input mix X, which of the following numbers could potentially be the firm's MRTS? Explain. • -0.5 • 0.33 • 0.5 • 2 (b). Using one of the numbers you circled above, how much would total cost change be reduced if the firm fired one worker yet maintained output = 90? Explain. (c). On the graph above, draw in the firm's expansion path. Explain.

(a). If the firm is currently producing 90 units of output at input mix X, which of the following numbers could potentially be the firm's MRTS? Explain. • -0.5 • 0.33 • 0.5 • 2 (b). Using one of the numbers you circled above, how much would total cost change be reduced if the firm fired one worker yet maintained output = 90? Explain. (c). On the graph above, draw in the firm's expansion path. Explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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