Business
Business, 28.11.2019 00:31, shannaslaughter28

Achair manufacturer hires its assembly-line labor for $30 an hour and calculates that the rental cost of its machinery is $15per hour. suppose that a chair can be produced using 4 hours of labor or machinery in any combination. if the firm iscurrently using 3 hours of labor for each hour of machine time, is it minimizing its costs of production? if so, why? if not, how can it improve the situation? graphically illustrate the isoquant and the two isocost lines for the current combinationof labor and capital and for the optimal combination of labor and capital

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