1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
borishaifa [10]
3 years ago
10

The production function for fish harvesting is Cobb-Douglas. Currently, the Marginal Rate of Technical Substitution (MRTS) betwe

en Labor (L) and Capital (K) is higher than the wage to rent ratio (MRTS > w/r). This means that, a. More labor and less capital should be used to lower costs b. More capital and less labor should be used to lower costs c. Labor and Capital being used are already minimizing costs d. We need to know the fixed costs of production to determine if costs are minimized or not
Business
1 answer:
n200080 [17]3 years ago
4 0

Answer:

a. More labor and less capital should be used to reduce cost.

Explanation:

Condition for profit maximization is where the Marginal rate of technical substitution = Ratio of factor-input prices. This condition is known as a Producer Optimum in Long Run. MRTS itself is the ratio of Marginal Productivity of Labor to Capital. Thus, MRTS > w/r implies that Relative marginal productivity of labor is greater than relative cost of labor. This means that labor comes cheaper than capital when both their productivities are compared. So it is profitable to employ more labor than capital. This will continue till wages increase up to the point where MRTS = w/r.

You might be interested in
What is an accurate definition of experience?
sasho [114]

Answer: A)the collection of things a person has done

Explanation: just answered it EDGE 2021

7 0
3 years ago
Read 2 more answers
A game may not start or continue if either team has fewer than ____ players.
Leni [432]
The answer is 7 players.
If, the amount of red cards that received by either team make the total players of their team less than 7, the opposition team would automatically won the game (and the vicotry would be recorded as 3-0 victory for the team that still had more than 7 players)
3 0
3 years ago
Suppose that you are an orange grower. Would you expect the demand for your
aksik [14]

It should be noted that the demand for orange will be elastic because when there's a change in price, there'll be a larger change in quantity demanded.

It should be noted that an elastic demand simply means a situation whereby a change in the price of a good lead to a larger change in the quantity demanded.

In this case, the demand for orange will be elastic because when there's a change in price, there'll be a larger change in quantity demanded. For example, an increase in price will make the customers buy other fruits.

Learn more about demand on:

brainly.com/question/25585026

8 0
2 years ago
When lofonift inc. introduced its flagship product, an mp3 player, it captured the market by offering its product at a very low
Luda [366]
PROFIT PERHAPS OR INCREASE IN SALES FOR THERE IS NO RIVALS ANYMORE AND HAVE TAKEN THEM OUT
7 0
4 years ago
Imagine you are experiencing a major conflict in your place of work. The team with which you are working at the time has split i
CaHeK987 [17]

Answer:

Compromising and collaborating are the strategies that should be used.

Explanation:

Collaboration can be understood as the procedure of two and more individuals entities, or organisations cooperating to complete a task or achieve an objective.  

Cooperation and collaboration are two terms that are often used interchangeably. Most collaborations necessitate leadership, albeit it might take the character of social governance within a decentralized and democratic organisation.

To compromise would be to reach an agreement between two or more parties in which each party relinquishes a portion of its claim. Compromise is the idea of reaching an arrangement through negotiation in a disagreement.

4 0
3 years ago
Other questions:
  • PLEASE HELP! 30 PTS!
    10·1 answer
  • Janet is the secretary to the ceo. the ceo uses the corporate jet to travel to locations where he acts as a private consultant.
    6·1 answer
  • Assume that a speculator purchases a put option on British pounds (with a strike price of $1.50) for $.05 per unit. A pound opti
    5·1 answer
  • Which kind of stock is most affected by changes in risk aversion? (In other words, which stocks see the biggest change in their
    5·1 answer
  • Question 62
    9·2 answers
  • Which of the following statements is a bottom-line statement​
    9·2 answers
  • A company is designing a product layout for a new product. It plans to use this production line eight hours a day in order to me
    6·1 answer
  • Explain consumptions of the principal of absolute advantage​
    14·1 answer
  • There are two methods to determine the Golden Rule capital level, looking at steady-state: Please choose the correct answer from
    12·1 answer
  • What is one way learning to budget now will affect your future?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!