Refer to the information provided in Table 8.1 below to answer ...

[big1devin]

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.

[strudel15]

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[big1devin]

Thank you!

[strudel15]

Always glad to help...