What's the correct answer for 3 & 4 3. A firm uses labor and capital to produce an output. The hourly cost of labor is 10 and thehourly cost of capital is 50. Which of the following combinations of labor and capital hoursof use represent points on the firm's 100,000 isocost line?Select the correct response:o (1,000-2,000)o (2,000-1,000)o (1,000-1,000)(1,000-1,800) – WRONG ANSWER(2,000-2,000)NONE OF THE ABOVEO o o o O 2. Tom borrowed Php500,000 from her parents to open a spa. He pays her parents a 5%yearly return on the money they lent her. Her other yearly fixed costs equal Php150,000and his variable costs equal Php200,000. In her first year, Tom had a total of 2,000customers at a price of Php300/customer. Tom's total fixed cost is675000 – WRONG ANS

As per the guidelines, we are allowed to answer the first question only in case of multiple…

3. A firm uses labor and capital to produce an output. The hourly cost of labor is 10 and the hourly cost of capital is 50. Which of the following combinations of labor and capital hours of use represent points on the firm's 100,000 isocost line? Select the correct response: o (1,000-2,000) o (2,000-1,000) o (1,000-1,000) o (1,000-1,800) – WRONG ANSWER o (2,000-2,000) NONE OF THE ABOVE

3. A firm uses labor and capital to produce an output. The hourly cost of labor is 10 and the hourly cost of capital is 50. Which of the following combinations of labor and capital hours of use represent points on the firm's 100,000 isocost line? Select the correct response: o (1,000-2,000) o (2,000-1,000) o (1,000-1,000) o (1,000-1,800) – WRONG ANSWER o (2,000-2,000) NONE OF THE ABOVE

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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