Suppose that there is sudden new trend for high school students all over the Philippines to ride bicycles. More how would the price system decides "who should get what is produces?" How would be the inputs used in bicycle production be affected?

Suppose that there is sudden new trend for high school students all over the Philippines to ride bicycles. More how would the price system decides "who should get what is produces?" How would be the inputs used in bicycle production be affected?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter29: Resource Markets

Section: Chapter Questions

Problem 1E

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

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