Gg.178. The next 6 questions refer to the following:125888450KBCQ =90037100The price of capital is $300 per unit.The price per unit of labour is $176Q=2200Q=1700250The minimum cost of producing 1,700 units of output is $To produce 1,700 units of output at the least cost the firm should useThe Marginal Rate of Technical Substitution at each cost minimizing equilibrium point isIf the firm decides that total cost must not exceed $37,500, the maximum amount of output it can produce isTo produce 900 units of output at the least cost the firm should useunits of labour.units of capital.

Answered: Image /qna-images/answer/8f9e39cf-4ebb-4f6b-bf1b-41fa6c433018.jpg

125 88 84 50 K B C Q =900 37 100 The price of capital is $300 per unit. The price per unit of labour is $ 176 The minimum cost of producing 1,700 units of output is $ Q=2200 Q=1700 250 To produce 1,700 units of output at the least cost the firm should use units of labour. The Marginal Rate of Technical Substitution at each cost minimizing equilibrium point is If the firm decides that total cost must not exceed $37,500, the maximum amount of output it can produce is To produce 900 units of output at the least cost the firm should use units of capital.

125 88 84 50 K B C Q =900 37 100 The price of capital is $300 per unit. The price per unit of labour is $ 176 The minimum cost of producing 1,700 units of output is $ Q=2200 Q=1700 250 To produce 1,700 units of output at the least cost the firm should use units of labour. The Marginal Rate of Technical Substitution at each cost minimizing equilibrium point is If the firm decides that total cost must not exceed $37,500, the maximum amount of output it can produce is To produce 900 units of output at the least cost the firm should use units of capital.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter10: Cost Functions

Section: Chapter Questions

Problem 10.12P

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