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Author Question: Refer to the information provided in Table 8.1 below to answer the question(s) that follow. Refer to ... (Read 63 times)

big1devin

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Question 1

Refer to the information provided in Table 8.1 below to answer the question(s) that follow. 





 


Refer to Table 8.1. Assume the price of labor (
L) is $5 per unit, the price of capital (
K) is $10 per unit, and that firms attempt to minimize costs. The total variable cost of producing one unit of output is


◦ $16.
◦ $100.
◦ $120.
◦ $220.

Question 2

Refer to the information provided in Table 8.1 below to answer the question(s) that follow. 





 


Refer to Table 8.1. In the short run, if the price of labor (
L) is $5 per unit, the price of capital (
K) is $10 per unit, and firms attempt to minimize costs, then this firm's total cost of producing one unit of output is


◦ $100.
◦ $120.
◦ $220.
◦ indeterminate from this information.


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Marked as best answer by big1devin on Apr 19, 2019

strudel15

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