am. 285. Suppose that the table presented below shows an economy's relationship between real output and the inputs needed to produce that output: Input Quantity Real GDP 150$ 400 112.5 300 75 200 Suppose that the increase in input price does not occur but, instead, that productivity increases by 50 percent. What would be the new per-unit costof production?

The input quantity and real GDP table is provided below.Input QuantityReal…

Suppose that the table presented below shows an economy's relationship between real output and the inputs needed to produce that output: Input Quantity Real GDP 150 S 400 112.5 300 75 200 Suppose that the increase in input price does not occur but, instead, that productivity increases by 50 percent. What would be the new per-unit cost of production?

Suppose that the table presented below shows an economy's relationship between real output and the inputs needed to produce that output: Input Quantity Real GDP 150 S 400 112.5 300 75 200 Suppose that the increase in input price does not occur but, instead, that productivity increases by 50 percent. What would be the new per-unit cost of production?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.2P

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