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30 L* Output 0 10 20 30 40 50 60 70 The price of labour is $30 per unit and the price of capital is $60 per unit. The 30th unit of output adds $ 20 32 66 100 To produce 20 units of output the firm needs to hire 60 K* 12 26 To produce 70 units of output the firm needs to hire 52 to long-run total cost. The Long Run Average Cost of producing 50 units of output is $ The Long Run Total Cost of producing 60 units of output is $ LTC 1080 3060 units of labour. 8400 units of capital. LAC 72 97.5 LMC 36 114

30 L* Output 0 10 20 30 40 50 60 70 The price of labour is $30 per unit and the price of capital is $60 per unit. The 30th unit of output adds $ 20 32 66 100 To produce 20 units of output the firm needs to hire 60 K* 12 26 To produce 70 units of output the firm needs to hire 52 to long-run total cost. The Long Run Average Cost of producing 50 units of output is $ The Long Run Total Cost of producing 60 units of output is $ LTC 1080 3060 units of labour. 8400 units of capital. LAC 72 97.5 LMC 36 114

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 15P
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30 L* Output 0 10 20 30 40 50 60 70 100 The price of labour is $30 per unit and the price of capital is $60 per unit. The 30th unit of output adds $ 20 32 66 To produce 20 units of output the firm needs to hire 60 K* 12 26 To produce 70 units of output the firm needs to hire 52 to long-run total cost. The Long Run Average Cost of producing 50 units of output is $ The Long Run Total Cost of producing 60 units of output is $ LTC 1080 3060 units of labour. 8400 units of capital. LAC 72 97.5 LMC 36 114
Transcribed Image Text:30 L* Output 0 10 20 30 40 50 60 70 100 The price of labour is $30 per unit and the price of capital is $60 per unit. The 30th unit of output adds $ 20 32 66 To produce 20 units of output the firm needs to hire 60 K* 12 26 To produce 70 units of output the firm needs to hire 52 to long-run total cost. The Long Run Average Cost of producing 50 units of output is $ The Long Run Total Cost of producing 60 units of output is $ LTC 1080 3060 units of labour. 8400 units of capital. LAC 72 97.5 LMC 36 114
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