#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; if such all out cost is isolated by the amount delivered, normal or unit cost is acquired. Variable expenses, similar to the expenses of work or natural substances, change with the degree of yield.We need to calculate total cost Total cost = (Labor cost + capital costs) Technique 1 Total cost = (6*2 + 2*3) Total costs = 18 Technique 2 Total cost = (5*2 + 3*3) Total costs = 19 Technique 3 Total cost = (1*2 + 5*3) Total costs = 17 We can observed that minimum total cost occurred by technique 3. Therefore technique 3 will be most economical.

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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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