As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500, the cost for one capital is $250. If the production plan is to produce 250 products, what is the firm's minimized cost? A: $7500 B: $5000 C: $12500 D: $10000
As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500, the cost for one capital is $250. If the production plan is to produce 250 products, what is the firm's minimized cost? A: $7500 B: $5000 C: $12500 D: $10000
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter3: Benefits, Costs, And Decisions
Section: Chapter Questions
Problem 8MC
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Question
As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500, the cost for one capital is $250. If the production plan is to produce 250 products, what is the firm's minimized cost?
A: $7500
B: $5000
C: $12500
D: $10000
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