The harvesting of many crops can be done manually or by using a combination of machines and
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The harvesting of many crops can be done manually or by using a combination of machines and labor. Suppose that a crew of 15 workers using one machine produces as much output as a crew of 25 workers. If these two technologies are perfect substitutes, what is the equation of an isoquant? If the daily cost of the machine is 1,200 and the daily cost of one worker is 600 , what is the equation of the isocost line for the unassisted crew and for the machine-assisted crew? Comparing the two isocost lines, which technology will a cost-minimizing firm use to harvest its crops? Draw a diagram showing the isoquants and isocost curves associated with 2.5 and 5 units of output per day.
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To find the equation of an isoquant we can use the ratio of labor to machines in the two technologie...View the full answer
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