A weaver working with a handloom is able to produce 11 yards of fabric per day. The typical weaver is paid £14 for a day's work. A loom powered by a steam engine is able to produce 102 yards of fabric per day. The powered loom still needs a worker to operate it, earning £14 per day, but also needs 17 pounds of coal to power it. At what price per pound of coal does the cost of producing fabric by power loom equal the cost of producing it by handloom? Round your final answer to two decimal places.

A weaver working with a handloom is able to produce 11 yards of fabric per day. The typical weaver is paid £14 for a day's work. A loom powered by a steam engine is able to produce 102 yards of fabric per day. The powered loom still needs a worker to operate it, earning £14 per day, but also needs 17 pounds of coal to power it. At what price per pound of coal does the cost of producing fabric by power loom equal the cost of producing it by handloom? Round your final answer to two decimal places.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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A weaver working with a handloom is able to produce 16 yards of fabric per day. The typical weaver is paid £16 for a day's work. A loom powered by a steam engine is able to produce 116 yards of fabric per day. The powered loom still needs a worker to operate it, earning £16 per day, but also needs 16 pounds of coal to power it. At what price per pound of coal does the cost of producing fabric by power loom equal the cost of producing it by handloom? Round your final answer to two decimal places.
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