2. The table below shows the number of total products produced by its corresponding numbe of laborers employed. Assume that each laborer receives P550 as wage and the firm pays P7C rental fee for the equipment it uses. 24 64 116 176 220 240 248 2 4 6. 8 10 12 14 A. If the firm wants to minimize the cost per unit of production, how many units of outpu must it produce? B. If the product is sold for P21, should the seller continue production? If units of output? Justify your answer. C. At what price will the firm decide to shut-down in the short-run? yes, how man

2. The table below shows the number of total products produced by its corresponding numbe of laborers employed. Assume that each laborer receives P550 as wage and the firm pays P7C rental fee for the equipment it uses. 24 64 116 176 220 240 248 2 4 6. 8 10 12 14 A. If the firm wants to minimize the cost per unit of production, how many units of outpu must it produce? B. If the product is sold for P21, should the seller continue production? If units of output? Justify your answer. C. At what price will the firm decide to shut-down in the short-run? yes, how man

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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