Which of the following best describes what the intersection in the labour allocation (i.e. "scissors") diagram represents? options   the labour in both sectors is exactly equal   the value of the marginal product of labour is equal in both sectors   the price in both sectors are equal   the price times the unit labour requirement in both sectors is equal

Q: 4. What is the total cost of producing 100 units of output? 5. How much profit was made?

A: Before calculating the total cost, the least cost combination of the inputs should be calculated.…

Q: Factor-Factor Decision Making. Using the following information, answer the questions. y = 100 Px1 =…

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A: Isocost curve shows all the points that shows the same cost.  Isoquant curve shows the same amount…

Q: Instacart offers consumers a convenient form of home delivery service for groceries. Units of output…

A: Isocost curve shows the same cost at all points on the curve  Isoquant curve shows same cost at all…

Q: Instacart offers consumers a convenient form of home delivery service for groceries. Units of output…

A: Given information: A firm is engaged in the home delivery service for groceries. It uses delivery…

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Q: If total product is maximum, hiring and additional worker will

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A: We know,  q=LK2  w=$45 r-$90

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Q: production function

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