A technology firm has determined that their lowest total cost production technology is $880. If machines cost $100 and the company has determined that the combination of 7 machines and 9 workers yields the lowest total cost of production, what is the cost of each worker?

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section12.4: Costs In The Short Run And In The Long Run
Problem 4QQ
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A technology firm has determined that their lowest total cost production technology is $880. If machines
cost $100 and the company has determined that the combination of 7 machines and 9 workers yields
the lowest total cost of production, what is the cost of each worker?
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Transcribed Image Text:Question A technology firm has determined that their lowest total cost production technology is $880. If machines cost $100 and the company has determined that the combination of 7 machines and 9 workers yields the lowest total cost of production, what is the cost of each worker? Provide your answer below: FEEDBACK MORE INSTRUCTION SUBMIT Content attribution
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