both questions multichoice please thank you! QUESTION 13A perfectly competitive firm produces digital devices using capital and labour. The wage rate is $16, the rental cost of capital is $16, and theprice of a digital device is $20. Suppose that the cost-minimising way to produce 20 digital devices is to use 4 units of labour and 4 units ofcapital. The total revenue from producing 20 digital devices isthe total cost of production is and the profits of the firm are285.6, 420, -285.6272, 400, -272400, 128, 272420, 134.4, 285.6QUESTION 14A perfectly competitive firm produces digital devices using capital and labour. The wage rate is $10, the rental cost of capital is $10, and theprice of a digital device is $20. Suppose that the cost-minimising way to produce 11 digital devices is to use 2.2 units of labour and 2.2 units ofcapital. The total revenue from producing 11 digital devices isthe total cost of production is and the profits of the firm are160, 200, -160200, 40, 160176, 220, -176220, 44, 176

A perfectly competitive market refers to a market where a large number of sellers and buyers exist…

A perfectly competitive firm produces digital devices using capital and labour. The wage rate is $16, the rental cost of capital is $16, and the price of a digital device is $20. Suppose that the cost-minimising way to produce 20 digital devices is to use 4 units of labour and 4 units of capital. The total revenue from producing 20 digital devices is the total cost of production is and the profits of the firm are 285.6, 420, -285.6 272, 400, -272 O 400, 128, 272 420, 134.4, 285.6

A perfectly competitive firm produces digital devices using capital and labour. The wage rate is $16, the rental cost of capital is $16, and the price of a digital device is $20. Suppose that the cost-minimising way to produce 20 digital devices is to use 4 units of labour and 4 units of capital. The total revenue from producing 20 digital devices is the total cost of production is and the profits of the firm are 285.6, 420, -285.6 272, 400, -272 O 400, 128, 272 420, 134.4, 285.6

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 8PA

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