Complete the following table: Assuming the price of capital (k) is $4 and the price of labor (L) is $6, and the price of commodity (Q) is $2. A) What production technique should this firm use? Technique Q K TR TC Profit(n) A. 40 9. 40 8. 6. 40 4 D 40 11 E 40 1. 9. F 40 11

Complete the following table: Assuming the price of capital (k) is $4 and the price of labor (L) is $6, and the price of commodity (Q) is $2. A) What production technique should this firm use? Technique Q K TR TC Profit(n) A. 40 9. 40 8. 6. 40 4 D 40 11 E 40 1. 9. F 40 11

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Complete the following table:
Assuming the price of capital (k) is $4 and the price of labor (L) is $6, and the price of
commodity (Q) is $2.
A) What production technique should this firm use?
Technique
Q
K
TR
TC
Profit(n)
A.
40
9.
40
8.
6.
40
4
D
40
11
E
40
1.
9.
F
40
11

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