[Related to the Economics in Practice on p. 156] Identic
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[Related to the Economics in Practice on p. 156] Identical sweaters can be made in one of two ways. With a machine that
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[Related to the Economics in Practice on p. 156] Identical sweaters can be made in one of two ways. With a machine that can be rented for $50 per hour and a person to run the machine who can be hired at $25 per hour, five sweaters can be produced in an hour using $10 worth of wool. Alternatively, I can run the machine with a less skilled worker, producing only four sweaters in an hour with the same $10 worth of wool. (The less skilled worker is slower and wastes material.) At what wage rate would I choose the less skilled worke
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