Capital-labor ratio in both countries

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Reference no: EM136531

Q1. "Managerial economics involves use of economic analysis to make business decisions involving the best use of a firm's scarce resources" Explain the statement with suitable example.

Q2. What determines the capital-labor ratio for each good in each country? Why might both industries use a higher capital-labor ratio in one country than in another? Can you think of circumstances in which each industry would exhibit the same capital-labor ratio in both countries? Explain.

Reference no: EM136531


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