#28 Answer the question based on the following information: Suppose 10 units of product X can be produced by employing justlabor and capital in the three ways shown below. Assume the prices of labor and capital are as shown.LaborCapitalResourceprice$ 2$ 3Production Production ProductionTechnique 1 Technique 2 Technique 3432333Which technique is the most economically efficient?Multiple ChoiceTechnique 3 with total costs of $13Technique 2 with total costs of $15Technique 1 with total costs of $18< Prev28 of 60 #⠀⠀Next > LaborCapitalprice |iecnnique 11ecnnique 2|1ecnnique 3$24$33Multiple ChoiceWhich technique is the most economically efficient?Technique 3 with total costs of $13Technique 2 with total costs of $15Technique 1 with total costs of $1833Technique 1 with total costs of $1723

Suppose 10 units of good X can be produced by employing labor and capital in three different ways.…

Answer the question based on the following information: Suppose 10 units of product X can be produced by employing just labor and capital in the three ways shown below. Assume the prices of labor and capital are as shown. Labor Capital Resource price $2 $3 Production Production Production Technique 1 Technique 2 Technique 3 4 3 2 3 3 3 Which technique is the most economically efficient?

Answer the question based on the following information: Suppose 10 units of product X can be produced by employing just labor and capital in the three ways shown below. Assume the prices of labor and capital are as shown. Labor Capital Resource price $2 $3 Production Production Production Technique 1 Technique 2 Technique 3 4 3 2 3 3 3 Which technique is the most economically efficient?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

See similar textbooks

Similar questions

Please don't copy ans Economics You are the owner of a motorbike company that currently has two different factories, an old one and a new one. The old factory uses an old technology that requires large amounts of labor to produce motorbikes. The production technology for the old firm is given by Fo(L) = m*L^1/2 . The new factory uses a much more modern production technology given by Fn(L) = n*L^1/2 . a. What are costs as a function of output for each individual factory? b. Suppose that you want to produce 1000 motorbikes. How many motorbikes will you produce at the old factory and how many will you produce at the new factory? c. Derive an expression for the total cost of producing y motorbikes (assuming that you always divide production between the factories in the optimal way). How does this cost function compare to the individual factory cost functions? d. It turns out that you can upgrade your old factory to make it just as efficient as the new factory. To pay…
Technique 1 with total costs of $22 Technique 1 with total costs of $16 Technique 2 with total costs of $17 Technique 3 with total costs of $21
Give typed explanation
Don't answer by pen paper and don't use chatgpt otherwise we will give dounvote
need urgent plzz
Hey, i need help with this assignment
Table 3-7Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Meat Potatoes Meat Potatoes Farmer 6 4 4 6 Rancher 3 8 8 3 Refer to Table 3-7. Assume that the farmer and the rancher each has 24 labor hours available. If each person divides his time equally between the production of meat and potatoes, then total production is Group of answer choices 6 pounds of meat and 4.5 pounds of potatoes. 5.5 pounds of meat and 8 pounds of potatoes. 12 pounds of meat and 9 pounds of potatoes. 5 pounds of meat and 5.5 pounds of potatoes.
None
Table 3-27 Assume that Huang and Min can switch between producing parasols and producing porcelain plates at a constant rate. Labor Hours Needed to Make 1 Quantity Produced in 36 Hours Parasol Plate Parasol Plate Huang Min 16 18 16 14 18 19 Refer to Table 3-27. Assume that Huang and Min each has 36 labor hours available. Originally, each person divided his/her time equally between the production of parasols and plates. Now, each person spends all their time producing the good in which they have a comparative advantage. As a result, the total output of plates increased by O a 1.5. O b. 3. Oc. 9. Od. 0.
explains it correctly and the not use excel
#42
1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?