1 a firm has a production process in which the inputs to, Ask an Expert

Economics

1. A firm has a production process in which the inputs to production are perfectly substitutable in the long run. Can you tell whether the marginal rate of techni- cal substitution is high or low, or is further information necessary? Discuss.

2. The marginal product of labor in the production of computer chips is 50 chips per hour. The marginal rate of technical substitution of hours of labor for hours of machine capital is 1/4. What is the marginal product of capital?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91576536

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