Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $200 per day and the greenhouse is rented for $500 per day. Fill in total cost in the table below. (Enter your responses as integers.) Labor Capital Output Total Cost
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $200 per day and the greenhouse is rented for $500 per day. Fill in total cost in the table below. (Enter your responses as integers.) Labor Capital Output Total Cost
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below.
Suppose that each gardener is paid
$200
per day and the greenhouse is rented for
$500
per day.Fill in total cost in the table below. (Enter your responses as integers.)
Labor
|
Capital
|
Output
|
Total Cost
|
0
|
1
|
0
|
$
|
1
|
1
|
160
|
|
2
|
1
|
480
|
|
3
|
1
|
640
|
|
4
|
1
|
720
|
|
5
|
1
|
760
|
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