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Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022 Exercise 7
Suppose the price of an input used by firms with fixed-proportions production functions were to fall. Why would such a change not cause any substitution effects for these firms' input demand? Would there, however, be output effects? What would determine the size of these effects?
Explanation
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If a firm uses a fixed proportions produ...
Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
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