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The following table gives different technologies that produce 100 meters of cloth Technology Number of workers Coal required tonnes) 5 7 7 6 Based on this information, which of the following statements is correct? OTechnology B is never cost-minimizing. O Technology C is more energy-intensive than technology A Shifting from technology C to technology D is labour saving. OTechnology D uses the least total number of workers and tonnes of coal, so it is always cost-minimizing.

Consider the technologies and costs from the previous problem. In period 1, the wage and the price of coal are (w, p) ($10, $20) and the firm uses technology B. In period 2, the wage cost and the to (w, p) ($20, $10). The Which of the following statements is correct? 10 7 6 sH 1 234 5 6789 10 Number of workers In period 1, the firms profit per 100 meters of cloth is $100. OIf the firm employs technology B in both periods, then the proft level would be the same in both periods. O The economic rent of switching to technology A in period 2 is $60. O There is a positive economic rent in switching from technology B to A in period 2

Diminishing average product of labor means that there are less workers working a plot of land. O that the the number of workers employed in the production process has no impact on the amount produced per worker. Oas more labor is used in a production process, the amount produced per worker decreases. O as more labor is used in a production process, the amount produced per worker increases.

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