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Author Question: The table below shows the number of units of labour and capital used in 4 alternative production ... (Read 115 times)

jlol3

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Question 1

The figure presents Total Product (units of output per day) as a function of Labour (workers per day) hired.



FIGURE 7-2

Refer to Figure 7-2. The marginal product of the fifth worker is


◦ 24 units.
◦ 160 units.
◦ 144 units.
◦ 120 units.
◦ 29 units.

Question 2

The table below shows the number of units of labour and capital used in 4 alternative production techniques for producing 1000 widgets per month.

TechniqueABCD
Labour25355030
Capital50352560

TABLE 8-1

Refer to Table 8-1. If the price of labour is $5 and the price of capital is $10, which production technique minimizes the costs of producing 1000 units of output?
◦ A
◦ B
◦ C
◦ D
◦ Any of the techniques have the same cost.


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Marked as best answer by jlol3 on Oct 12, 2022

Tussalpain

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jlol3

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Reply 2 on: Oct 12, 2022
Gracias!


diana chang

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Reply 3 on: Yesterday
Excellent

 

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