Each month a company can rent capital for $7.500 per unit and can hire workers for $2.500 each Currently me company is using 4 u
nits of capital and 6 workers to produce 10.000 unto of output the combination of capital and labor represents a cost-minimizing equilibrium Draw an isoquant/is cost diagram to illustrate the situation. a. Using we point drawing tool plot the point that represents the combination amenity used Label your point E. b. Using we line drawing toot draw me Budget constrain Label your line BC. c. Using the 3-point curved line drawing tool draw the indifference curve Label your line 'IC'
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The amount by which the total benefits to consumers exceed their total expenditure is called consumer surplus, and if the price is b, is depicted by the area <span>BCD</span>.
My response is based on this figure which I've attached.
My response is based on this figure which I've attached.