Complete the following table and what production technique should this firm use: Assuming the price of capital (k) is $5 and the price of labor (L) is $10, and the price of commodity (Q) is $3. Technique Q L K TR TC Profit(π) A 50 10 6 B 50 9 8 C 50 5 10 D 50 12 8 E 50 2 10 F 50 7 12
Complete the following table and what production technique should this firm use: Assuming the price of capital (k) is $5 and the price of labor (L) is $10, and the price of commodity (Q) is $3. Technique Q L K TR TC Profit(π) A 50 10 6 B 50 9 8 C 50 5 10 D 50 12 8 E 50 2 10 F 50 7 12
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Question 1.A
Complete the following table and what production technique should this firm use:
Assuming the
Technique |
Q |
L |
K |
TR |
TC |
Profit(π) |
A |
50 |
10 |
6 |
|
|
|
B |
50 |
9 |
8 |
|
|
|
C |
50 |
5 |
10 |
|
|
|
D |
50 |
12 |
8 |
|
|
|
E |
50 |
2 |
10 |
|
|
|
F |
50 |
7 |
12 |
|
|
|
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