5) can i get help with this question Original per unit cost of a hatNew cost after the price decrease in labour if insufficient time to change capital, that is in shortrun.$.New cost after the price decrease in labour if sufficient time to change all inputs, that is, in thelong run.New cost of a hat if you continue with your original budget%24 As a manufacturer of hats, you are producing 10 hats using 16 capital and 7 labour. The price ofcapital is $ 10 and the price of labour is $ 20. The price of labour decreases to $10. What is the newcost of producing 10 units if (a) you do not have time to adjust your capital and (b) if you havesufficient time to make adjust your capital. What will be the cost of hats if you maintain yourbudget and produce more hats?Capital3028262422201816401412103010101416182022242628Labour

Originally 10 hats are produced using 16 capital and 7 labour. cost of capital = $10 cost of…

Original per unit cost of a hat New cost after the price decrease in labour if insufficient time to change capital, that is in short run. New cost after the price decrease in labour if sufficient time to change all inputs, that is, in the long run. $. New cost of a hat if you continue with your original budget

Original per unit cost of a hat New cost after the price decrease in labour if insufficient time to change capital, that is in short run. New cost after the price decrease in labour if sufficient time to change all inputs, that is, in the long run. $. New cost of a hat if you continue with your original budget

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section: Chapter Questions

Problem 13QP

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