100 2.5 (include one part-timer)
1. Assume that annual (leasing) cost per vehicle is $6,000 and the annual salary per mechanic is $25,000. What combination of vehicles and mechanics should he employ?
2. Illustrate the problem with the use of an iso-quant/iso-cost diagram. Draw two hypothetical iso-cost curves: one with annual leasing cost per vehicle being relatively inexpensive to the annual salary per mechanics, and another with annual leasing cost per vehicle being more expensive to the annual salary of mechanic. Indicate graphically the optimal combination of resources depending upon two reverse cases of iso-cost curves, and discuss implication behind two different optimal combinations of resources. To be consistent place leasing cost on vertical axis while mechanic’s salary on horizontal axis.
This question was asked on Jan 25, 2013 and answered on Jan 25, 2013.
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