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suppose that as the result of recent labor negotiations, wage rates are reduced by 1o percent in a production process employing only capital and labor. Assuming the other conditions (productivity for ex) remain constant, determine what effect this decrease will have on the desired proportions of capital and labor used in producing the given level of output at minimum total cost.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M952910

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