Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
Question
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Chapter 12, Problem 3QE

(a)

To determine

Explain if it is possible to be technically efficient or not.

(b)

To determine

Explain if both methods are possible to be economically efficient or not.

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Students have asked these similar questions
A dressmaker can sew 800 garments with 160 bolts of fabric and 3,000 hours of labor. Another dressmaker can sew 800 garments with 200 bolts of frabic and 2,000 hours of identical labor. Frabric cost $80 a bolt and labor cost $10 an hour. a.) is it possible for both methods to be techically efficient? why or why not? b.) is it possible for both methods to be economically efficient? why or why not?
How does a cost behave in response to a change in activity? Give an example?
Explain how a decrease in input prices or an increase in efficiency would affect costs.
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