#14 **Question Based on Production Efficiency**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 follows:| Resource Price | Production Technique 1 | Production Technique 2 | Production Technique 3 ||----------------|------------------------|------------------------|------------------------|| Labor | $2 | 6 | 5 | 1 || Capital | $3 | 2 | 3 | 5 |**Question**: Which technique is the most economically efficient?**Analysis**:To determine the most economically efficient technique, calculate the total cost for each technique by multiplying the units of labor and capital by their respective costs and summing them.- **Production Technique 1**: - Labor cost: 6 units * $2 = $12 - Capital cost: 2 units * $3 = $6 - Total cost: $12 + $6 = $18- **Production Technique 2**: - Labor cost: 5 units * $2 = $10 - Capital cost: 3 units * $3 = $9 - Total cost: $10 + $9 = $19- **Production Technique 3**: - Labor cost: 1 unit * $2 = $2 - Capital cost: 5 units * $3 = $15 - Total cost: $2 + $15 = $17**Conclusion**:Production Technique 3 is the most economically efficient as it has the lowest total cost of $17.

Total expense alludes to the absolute cost brought about in arriving at a specific degree of yield;…

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 w shown below. Assume the prices of labor and capital are as shown. Production Production Production Resource Technique Technique Technique price 1 2 3 Labor $ 2 6. 1 Capital $ 3 3 5 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 w shown below. Assume the prices of labor and capital are as shown. Production Production Production Resource Technique Technique Technique price 1 2 3 Labor $ 2 6. 1 Capital $ 3 3 5 Which technique is the most economically efficient?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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