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The price of capital is $400 per unit. The price per unit of labour is $ The minimum cost of producing 1,200 units of output is $ To produce 1,200 units of output at the least cost the firm should use units of labour. The Marginal Rate of Technical Substitution at each cost minimizing equilibrium point is If the firm decides that total cost must not exceed $30,000, the maximum amount of output it can produce is To produce 800 units of output at the least cost the firm should use units of capital.

The price of capital is $400 per unit. The price per unit of labour is $ The minimum cost of producing 1,200 units of output is $ To produce 1,200 units of output at the least cost the firm should use units of labour. The Marginal Rate of Technical Substitution at each cost minimizing equilibrium point is If the firm decides that total cost must not exceed $30,000, the maximum amount of output it can produce is To produce 800 units of output at the least cost the firm should use units of capital.

Microeconomics A Contemporary Intro
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section7.A: Appendix: A Closer Look At Production And Cost
Problem 1AQ
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The next 6 questions refer to the following: 75 52 47 A 30 K B Q = 800 92 240 The price of capital is $400 per unit. The price per unit of labour is $ 416 The minimum cost of producing 1,200 units of output is $ Q=1600 Q = 1200 600 To produce 1,200 units of output at the least cost the firm should use units of labour. The Marginal Rate of Technical Substitution at each cost minimizing equilibrium point is To produce 800 units of output at the least cost the firm should use If the firm decides that total cost must not exceed $30,000, the maximum amount of output it can produce is units of capital.
Transcribed Image Text:The next 6 questions refer to the following: 75 52 47 A 30 K B Q = 800 92 240 The price of capital is $400 per unit. The price per unit of labour is $ 416 The minimum cost of producing 1,200 units of output is $ Q=1600 Q = 1200 600 To produce 1,200 units of output at the least cost the firm should use units of labour. The Marginal Rate of Technical Substitution at each cost minimizing equilibrium point is To produce 800 units of output at the least cost the firm should use If the firm decides that total cost must not exceed $30,000, the maximum amount of output it can produce is units of capital.
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