A factory produces plastic bags according to the following production function:
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Question:
A factory produces plastic bags according to the following production function:
Y = F( X1, X2, X3 ,X4)
Explain the relationship between these variables
a. Determine the dependent and independent variables
b. Identify the inputs which can be used in the production function
3. Helen is received offer to have a job as a professional fitness trainer or a teacher. She will earn $50,000 a year as a fitness trainer or $36,000 a year as a teacher. If she chooses to be a fitness trainer.
- What is the opportunity cost for Helen?
- What is the economic rent?
Related Book For
Statistics The Exploration & Analysis Of Data
ISBN: 9780840058010
7th Edition
Authors: Roxy Peck, Jay L. Devore
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