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A technology is invented that makes labor

24 / 01 / 2019 Assignments

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A technology is invented that makes labor

A technology is invented that makes labor and capital perfect one to one substitutes in the production of Mint Chocolate Chip super High fat Ice-cream. Draw an isoquant map for candy. Now, from your original drawing of the isoquant map, assume that the marginal product of labor suddenly falls relative to capital, but the inputs in candy production remain as perfect substitutes. How does that change your isoquant map? if the substation ratio is still one to one, and the price of labor(w) is greater than the price of capital(r), where might the cost-minimizing firm end up on its isoquant map?

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