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 that the relevant time period is the short run. Assuming the price of labor (
L) is $5 per unit and the price of capital (
K) is $10 per unit, the average variable cost of producing two units of output is
◦ $20.
◦ $40.
◦ $90.
◦ $100.
Question 2
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 marginal cost of producing the third unit of output is
◦ $30.
◦ $40.
◦ $50.
◦ indeterminate from this information.
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