19. A moving company requires one van and two workers in one hour to do one task. If labour cost is $20/hour per worker and renting a van costs $40/hour. What is the total cost of cost- minimizing...


19. A moving company requires one van and two workers in one hour to do one task. If labour<br>cost is $20/hour per worker and renting a van costs $40/hour. What is the total cost of cost-<br>minimizing input combination if the company wishes to do 20 tasks? Depict the scale and<br>substitution effects if the wage decreases to $15/hour if the total cost does not change.<br>

Extracted text: 19. A moving company requires one van and two workers in one hour to do one task. If labour cost is $20/hour per worker and renting a van costs $40/hour. What is the total cost of cost- minimizing input combination if the company wishes to do 20 tasks? Depict the scale and substitution effects if the wage decreases to $15/hour if the total cost does not change.

Jun 08, 2022
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