A union has hired you as a consultant to help them in negotiations with the management. While layoffs have been occurring in other industries as capital prices have fallen, these workers feel their jobs are secure. Using the concept of the marginal rate of technical substitution, explain to the union why its belief is incorrect.

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The Answer of A union has hired you as a consultant to help them in negotiations with the management. While layoffs have been occurring in other industries as capital prices have fallen, these workers feel their jobs are secure. Using the concept of the marginal rate of technical substitution, explain to the union why its belief is incorrect.

A Union Has Hired You as a Consultant to Help