Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The diagram below shows different technologies (A-D) which produces 100 meters of cloth. The solid lines are the isocosts when the wage is £10 and the price of coal is £5. The dashed line is theisocost when the wage is £10 and the price of coal is £20. Which statement incorrectly explains the diagram?Tonnes of coal1098321Select one:NGACost = £401Cost = £5023FDMCost = £8045 6 7Number of workersH89 10O a. Given the same wage level, if the price coal decreases from £20 to £5, a firm would receive an innovation rent by adopting Technology A before its competitorsTechnology A is less costly than Technology B when the wage is £10 and the price of coal is £20O b.O c. Technology A is the most efficient when the wage is £10 and the price of coal is £5O d. Technologies B and D are the most efficient when the wage is £10 and the price of coal is £20

Which statement incorrectly explains the diagram?a. Given the same wage level, if the price coal…

Select one: O a. Given the same wage level, if the price coal decreases from £20 to £5, a firm would receive an innovation rent by adopting Technology A before its competitors O b. Technology A is less costly than Technology B when the wage is £10 and the price of coal is £20 O c. Technology A is the most efficient when the wage is £10 and the price of coal is £5 O d. Technologies B and D are the most efficient when the wage is £10 and the price of coal is £20

Select one: O a. Given the same wage level, if the price coal decreases from £20 to £5, a firm would receive an innovation rent by adopting Technology A before its competitors O b. Technology A is less costly than Technology B when the wage is £10 and the price of coal is £20 O c. Technology A is the most efficient when the wage is £10 and the price of coal is £5 O d. Technologies B and D are the most efficient when the wage is £10 and the price of coal is £20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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