A firm produces Ping-Pong balls using two inputs. When input prices are ($15, $7) the firm uses the input bundle (17, 71). When the input prices are ($12, $24) the firm uses the bundle (77, 4). The amount of output is the same in both cases. Is this behavior consistent with Weak Axiom of Cost Minimization (WACM)
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A firm produces Ping-Pong balls using two inputs. When input prices are ($15, $7) the firm uses the...
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