Which method is economically efficient if the wage rate is (i) $5 an hour, (ii) $50 an

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Which method is economically efficient if the wage rate is (i) $5 an hour, (ii) $50 an hour, and

(iii) $500 an hour?

Four methods of completing a tax return and the time taken are: Using a laptop, 1 hour; a calculator, 12 hours; a calculator and paper and pen, 12 hours;
and a pen and paper, 16 hours. The laptop and its software cost $1,000, the calculator costs $10, and the pen and paper cost $1.

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Economics

ISBN: 9781292433639

14th Global Edition

Authors: Michael Parkin

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