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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