SophiaPretty

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    Strayer,Devery,Harvard University
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Category > Business & Finance Posted 08 Aug 2017 My Price 5.00

The wage for workers in a competitive market is initially $10 and rent,

The wage for workers in a competitive market is initially $10 and rent, the cost of capital  (also rented in a  competitive market), is initially $5. Now suppose that wages decrease to $8 and rent decreases to $2.

 

a) Describe how the scale effect changes a firm's use of labor and capital.

b) Describe how the the substitution effect changes a firm's use of labor and capital.

c) Overall will a firm hire more or fewer workers? Will a firm rent more or less capital?

d) Will a firm change its production technology given the changes in w and r?

Answers

SophiaPretty
(5)
Status NEW Posted 08 Aug 2017 06:08 AM My Price 5.00

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