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Suppose the cost of machines increases to $\$ 55,$ while the cost of labor stays at $\$ 40 .$ How would that affect the total cost of the three methods? Which method should the firm choose now?
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Chapter 7
Production, Costs and Industry Structure
How Markets Work
The Economics of Labor Markets
Firm Behavior and the Organization of Industry
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all right, So let's talk about labor and technology costs in this question. Where should post to imagine that each machine cost $55 but the cost of labor states of $40. And this is in your textbook. There's a table that has different technologies, and they're very surprises. But in this one were given 55 for machines, 40 for labor. Well, if that's the case, let's look at technology one with 10 people. We would pay for $100 but we have to machines. This would be 55 for each machine, so that will be $110. So when you put it together, we get $510 and, uh, in costs. If we do technology to were employing less labor, more machines and our total cost decreases. And with three again labor costs go down, machine costs go up and we have a total cost of 505. So the question is, how would this change in prices affect the total cost and we have seen how it affects them, right? Ah, too much manual labor gives us higher costs. Too much machine they were gives us higher cost us. Well, so what we should be choosing here toe Reduce the amount of production costs here would be seven labor. Uh, yes, people in four machines that would minimize our total costs.
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