Question 1
Refer to the information provided in Table 8.4 below to answer the question(s) that follow.
Refer to Table 8.4. Assuming the price of capital (
K) is $10 per unit and the price of labor (
L) is $5 per unit, the lowest long-run total cost of producing one unit of output is
◦ $8.
◦ $50.
◦ $60.
◦ $110.
Question 2
Refer to the information provided in Table 8.4 below to answer the question(s) that follow.
Refer to Table 8.4. Assume that the relevant time period is the short run. Assuming the price of capital (
K) is $10 per unit and the price of labor (
L) is $5 per unit, this firm's total cost of producing one unit of output is
◦ $50.
◦ $60.
◦ $110.
◦ indeterminate from this information.
The Periodic Table (Part 2)
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