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Capital (K) 40 28 24 20 13232262 8 4 2 4 6 8 10 12 14 16 18 20 Labor (L) Q7) (Using above figure) Based on the isocost line, the ratio of the wage rate (W) to rental rate of capital (R) is: a) 1.5 b) 4.0 c) 0.67 d) 0.50

Capital (K) 40 28 24 20 13232262 8 4 2 4 6 8 10 12 14 16 18 20 Labor (L) Q7) (Using above figure) Based on the isocost line, the ratio of the wage rate (W) to rental rate of capital (R) is: a) 1.5 b) 4.0 c) 0.67 d) 0.50

Economics (MindTap Course List)
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter21: Production And Costs
Section21.4: Costs Of Production: Total, Average, Marginal
Problem 1ST
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Capital (K) 40 28 24 20 13232262 8 4 2 4 6 8 10 12 14 16 18 20 Labor (L) Q7) (Using above figure) Based on the isocost line, the ratio of the wage rate (W) to rental rate of capital (R) is: a) 1.5 b) 4.0 c) 0.67 d) 0.50
Transcribed Image Text:Capital (K) 40 28 24 20 13232262 8 4 2 4 6 8 10 12 14 16 18 20 Labor (L) Q7) (Using above figure) Based on the isocost line, the ratio of the wage rate (W) to rental rate of capital (R) is: a) 1.5 b) 4.0 c) 0.67 d) 0.50
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