A weaver working with a handloom is able to produce 11 yards of fabric per day. The typical weaver is paid £14 for a day's work. A loom powered by a steam engine is able to produce 102 yards of fabric per day. The powered loom still needs a worker to operate it, earning £14 per day, but also needs 17 pounds of coal to power it. At what price per pound of coal does the cost of producing fabric by power loom equal the cost of producing it by handloom? Round your final answer to two decimal places.

A weaver working with a handloom is able to produce 11 yards of fabric per day. The typical weaver is paid £14 for a day's work. A loom powered by a steam engine is able to produce 102 yards of fabric per day. The powered loom still needs a worker to operate it, earning £14 per day, but also needs 17 pounds of coal to power it. At what price per pound of coal does the cost of producing fabric by power loom equal the cost of producing it by handloom? Round your final answer to two decimal places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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