The table shows four ways of laundering 100 shirts an hour. a. Which methods are technologically efficient?

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The table shows four ways of laundering 100 shirts an hour. image text in transcribed

a. Which methods are technologically efficient?

b. Which method is economically efficient if the hourly wage rate and the implicit rental rate of capital are (i) wage rate $1, rental rate $100;
(ii) wage rate $5, rental rate $50; and (iii) wage rate $50, rental rate $5?

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Economics

ISBN: 9781292433639

14th Global Edition

Authors: Michael Parkin

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Question Posted: Jan 27, 2024 10:01 PM

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The table shows four ways of laundering 100 shirts an hour. a. Which methods are technologically efficient?

Question:

Method B C D Labor (hours) 1 5 20 50 Capital (machines) 10 8 4 1

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To answer your questions lets first clarify the concepts Technologically efficient methods are those that make the best use of both labor and capital ...View the full answer

Economics

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