The table below shows the number of units of labour and capital used in 4 alternative production techniques for producing 1000 widgets per month.TechniqueAВLabour20404635Сaptal46392159If the price of labour is $9 and the price of capital is $6, which production technique minimizes the costs of producing 1000 units of output?.....O A. AО В. ВОС. DO D. CO E. Any of the techniques have the same cost.

The cost of production is delineated in political economy because the expenses exhausted to urge the…

e table below shows the number of units of labour and capital used in 4 alternative production techniques for producing 1000 widgets per month. Technique Labour A B D 20 40 46 35 Сapital 46 39 21 59 he price of labour is $9 and the price of capital is $6, which production technique minimizes the costs of producing 1000 units of output? ..... А. А В. В C. D D. C E. Any of the techniques have the same cost.

e table below shows the number of units of labour and capital used in 4 alternative production techniques for producing 1000 widgets per month. Technique Labour A B D 20 40 46 35 Сapital 46 39 21 59 he price of labour is $9 and the price of capital is $6, which production technique minimizes the costs of producing 1000 units of output? ..... А. А В. В C. D D. C E. Any of the techniques have the same cost.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?
Suppose the cost of machines increases to 55, while the cost of labor stays at 40. How would that affect the total cost of the three methods? Which method should the film choose now?
You just got a job in Washington, D.C. You moveinto an apartment with some acquaintances. All yourroommates, however, are slackers and do not clean upafter themselves. You, on the other hand, can clean fasterthan each of them. You determine that you are 70%faster at dishes and 10% faster with vacuuming. All ofthese tasks have to be done daily. Which jobs shouldyou assign to your roommates to get the most free timeoverall? Assume you have the same number of hours todevote to cleaning. Now, since you are faster, you seemto get done quicker than your roommate. What sortsof problems may this create? Can you imagine a traderelated analogy to this problem?
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France and Poland each have one worker whosemonthly linear Production PossibilityFrontier indicatesthe following production possibilities: PolandFranceComputers (C) 246Grain (G) 43 a)Franceâ€™sopportunity cost of G in terms of units of C equals ______ ? b) Polandâ€™sopportunity cost of G in terms of units of C equals ______ ?For the followingparts, please complete the questions by filling in the blank, and responding toremainderof the question: c) Polandâ€™scomparative advantage is in ______ because: d) If France and Poland decide to trade, _________ will be theexporter of G while ______ will bethe importer because: e) If the economies choose to trade, the world relative priceof goods must be ________ in orderfor trade to be mutually beneficial, because:
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0. Radioco manufactures two types of radios. The only scarce resource that is needed toproduce radios is labor. At present, the company has two laborers. Laborer 1 is willing towork up to 40 hours per week and is paid $5 per hour. Laborer 2 will work up to 50 hoursper week for $6 per hour. The price as well as the resources required to build each type ofradio are given in the Table. Letting xi be the number of Type i radios produced each week,Radioco should solve the following LP:a) For what values of the price of a Type 1 radio would the current basis remain optimal?b) For what values of the price of a Type 2 radio would the current basis remain optimal?
use the following scenario to answer the following quation : an economy has a two workers smith and ricardo. each day theywork .smith can produce 4 computers and 16 smartephone. and ricardo can producce 6 computers and 12 smartphones. (1) the opppertunity cost for smith to produce one computer is ......... smart phones. (a) one quater of (b) one half of (c) one (d) two (e) four
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Suppose your Chaffey college tuition per semester is $4,000 and your extra expenses with the college during the year (books, ather materiais, gas, meals, etc) sum $3,000. If you were not attending college, you could work at firm X and get an annual salary of $ 5,000. What is your opportunity cost of attending college in one year? In your calculations assume that you are taking 2 semesters in a year