-Sandra's Sweaters' production function is shown in the above table. Sandra rents three knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. If the rental rate of capital rises to $50 per machine a day, Sandra's ________ curve shifts upward.
Definitions:
Pareto Optimal
A state of allocation of resources in which it is impossible to make any individual better off without making at least one individual worse off.
Reallocation
The process of distributing or reallocating resources, tasks, or investments in a different manner with the aim to improve efficiency, returns, or outcomes.
Utility Increase
A rise in the level of satisfaction or benefit that a consumer derives from the consumption of goods or services.
Contract Curve
In economics, it represents the set of optimal distributions of goods or resources between parties that maximizes their utility in an exchange.
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