Suppose that a firm is operating at a point off its expansion path, where MRTSLK >PL/PK Explain
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MRTSLK >PL/PK
Explain how this firm could increase its output without changing its total expenditure on inputs. Use this to give an additional argument for why a firm operating off its expansion path would want to move toward its expansion path.
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In this case the firm could reduce expenditures on L and increase expendit...View the full answer
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