2 Recall the model of firm's technology choice illustrated below, whichprovides an explanation for why the Industrial Revolution occurred ineighteenth-century Britain.101700s (isocost FG)9Steep isocost relative price of labour to coal is highA-technology now lower cost than the B-technology.- We know this because B lies outside the line FG.81600s (isocost HJ)Firms use technology BAt this relative price, no incentive to develop technology AWe know this because A costs more (it lies outside the line HJ)1 2 3 4 5 6789 10 11 12 13Number of workersIn addition, recall the figure below which shows the historical trends ofwages relative to the cost of capital in England and France from the latesixteenth to the early nineteenth century.aTonnes of coal543231 Wages relative to the cost of capital1.81.40.9EnglandFrance01580 1600 1620 1640 1660 1680 1700 1720 1740 1760 1780 1800 1820YearWhich element in the model of firm's technology choice is represented bythe variable on the vertical axis, i.e. wages relative to the cost of capital?O a. the horizontal axis (number of workers)O b. the vertical axis (tonnes of coal)Oc.Points A and BO d. slope of the isocost lines0.5

Isocost line refers to the line that shows the constraint for the combinations of the factors of…

Wages relative to the cost of capital 1.8 1.4 i England France 1580 1600 1620 1640 1660 1680 1700 1720 1740 1760 1780 1800 1820 Year Which element in the model of firm's technology choice is represented by the variable on the vertical axis, i.e. wages relative to the cost of capital? O a. the horizontal axis (number of workers) O b. the vertical axis (tonnes of coal) Oc. Points A and B O d. slope of the isocost lines 0.9 0.5

Wages relative to the cost of capital 1.8 1.4 i England France 1580 1600 1620 1640 1660 1680 1700 1720 1740 1760 1780 1800 1820 Year Which element in the model of firm's technology choice is represented by the variable on the vertical axis, i.e. wages relative to the cost of capital? O a. the horizontal axis (number of workers) O b. the vertical axis (tonnes of coal) Oc. Points A and B O d. slope of the isocost lines 0.9 0.5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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