Input Quanity 100 150 200   Real domestic output 200 300 400   The table gives information about the relationship between input quantities and real domestic output in a hypothetical economy. If the price of each input is $12, the per-unit cost of production in the economy is?

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A: Production function:q= fL, K = L0.2 K0.8q = OutputL = LaborK = Capital

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Production Possibility Analysis

The production possibility analysis comprises the production possibility frontier (PPF), or the production possibility curve (PPC) to evaluate a society or even an economy. The production possibility curve represents the cost that the society has to incur for choosing between two different commodities. It is assumed that an economy that operates at the highest production possibility curve is known to have a better standard of living which the society can achieve for producing the optimum level of output which it can produce given a specified number of factors of production or inputs or resources.