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.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Gg.178.

 

The next 6 questions refer to the following:
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
Q=2200
Q=1700
250
The minimum cost of producing 1,700 units of output is $
To produce 1,700 units of output at the least cost the firm should use
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 labour.
units of capital.
Transcribed Image Text:The next 6 questions refer to the following: 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 Q=2200 Q=1700 250 The minimum cost of producing 1,700 units of output is $ To produce 1,700 units of output at the least cost the firm should use 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 labour. units of capital.
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