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Changes in relative prices of inputs

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One economic question is deciding how to produce. That means businesses need to make decisions on what types of production systems and what types of inputs to use. The isoquant/isocost model allows us to conceptualize the answer(s) a business might have for the question of how to produce. The relative price inputs plays a role in answering the question of how to produce.

There may appear to be times when a firm does not appear to adjust input use to changes in relative prices of inputs. Explain why this might be the case.

Reference no: EM132461083

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