Learning curve implies 1 the requirement of labor falls, Ask an Expert

Economics

Learning curve implies:

1) The requirement of labor falls per unit.

2) Costs will be high at 1^st and then will fall with learning.

3) After eight years the labor requirement will be 0.51 and per unit cost will be ½ what it was in the 1^st year of production?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9511144

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