A new medicine is discovered that uses component X1 and X2 in fixed proportions where each unit of the medicine requires 3 units of X1 and 2 units of X2. If no other inputs are required, if the price of X1 is £2 per unit, and the price of X2 is £5 per unit and if total output is 5,000 units, what is the average cost per unit of output? Select one: a. £16 b. £.50 O c. £25 O d. £20 e. £2

A new medicine is discovered that uses component X1 and X2 in fixed proportions where each unit of the medicine requires 3 units of X1 and 2 units of X2. If no other inputs are required, if the price of X1 is £2 per unit, and the price of X2 is £5 per unit and if total output is 5,000 units, what is the average cost per unit of output? Select one: a. £16 b. £.50 O c. £25 O d. £20 e. £2

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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