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In an economy the activity of digging holes in the ground is carried out by self-employed labourers (single-person firms). The production of one standard- sized hole requires a minimum input of one unit of labour. No self-employed labourer can produce more than one hole.

1. Draw the technology set Q for a single firm.

2. Draw the technology set Q for two firms.

3. Which of Axioms 6.1 to 6.6 are satisfied by this simple technology?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91623580

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