Business, 29.01.2021 03:40 Shadow0202

The production function for fish harvesting is Cobb-Douglas. Currently, the Marginal Rate of Technical Substitution (MRTS) between Labor (L) and Capital (K) is lower than the wage to rent ratio (MRTS < w/r). This means that, a. More labor and less capital should be used to lower costs b. More capital and less labor should be used to lower costs c. Labor and Capital being used are already minimizing costs d. We need to know the fixed costs of production to determine if costs are minimized or not

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The production function for fish harvesting is Cobb-Douglas. Currently, the Marginal Rate of Technic...