Suppose a firm has the following production technology one, Ask an Expert

Economics

Suppose a firm has the following production technology: one worker is required to operate on one machine (capital). More than one worker on the same machine will have a zero MPL. One worker operating on two more machines will also have zero MPK.

a) In the Short Run, can the firm change output?

b) In the Long Run, what is the optimal capital labor ratio for this firm to minimize cost?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91343854

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