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A technology is invented that makes labor and capital perfect one to one substitutes in the production of Mint Chocolate Chip super High fat Ice-cream. Draw an isoquant map for candy. Now, from your original drawing of the isoquant map, assume that the marginal product of labor suddenly falls relative to capital, but the inputs in candy production remain as perfect substitutes. How does that change your isoquant map? if the substation ratio is still one to one, and the price of labor(w) is greater than the price of capital(r), where might the cost-minimizing firm end up on its isoquant map?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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