Suppose that an economy produces 500 units of output. It takes 10 units of labor at $15 a unit and 4 units of capital at $50 a unit to produce this amount of output. The per unit cost of production is Multiple Choice $070. $1.42. $1.24, $0.40.

Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter8: Production And Costs
Section: Chapter Questions
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Suppose that an economy produces 500 units of output. It takes 10 units of labor at $15 a unit and 4 units of capital at $50 a unit to produce this amount of
output. The per unit cost of production is
Multiple Cholce
$0.70.
$1.42.
$1.24.
$0.40.
Transcribed Image Text:Suppose that an economy produces 500 units of output. It takes 10 units of labor at $15 a unit and 4 units of capital at $50 a unit to produce this amount of output. The per unit cost of production is Multiple Cholce $0.70. $1.42. $1.24. $0.40.
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