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A firm can use three different production technologies, with capital and labor requirements at each level of output as follows:
TECH. 1 TECH. 2 TECH.3Daily Output K L K L K L 100 3 7 = 10 4 5 = 9 5 4 = 9150 3 10 = 13 4 7 = 11 5 5 = 10200 4 11 = 15 5 8 = 13 6 6 = 12250 5 13 = 18 6 10 = 16 7 8 = 15a. Suppose the firm is operating in high-wage country, where capital cost is $100 per unit per day and labor cost is $80 per worker per day. For each level of output, which technology is cheapest?b. Now suppose the firm is operating in a low-wage country, where capital cost is $100 per unit per day but labor cost is only $40 per unit per day. For each level of output, which technology is cheapest?c. Suppose the firm move from a high-wage to a low-wage country but its level of output remains constant at 200 units per day. How will its total employment change?
We're looking at the market for cat food. When the price is $10, the quantity sold is 1000 bags. When the price drops 10%, the quantity sold increases 30%.
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