Consider the table below that describes the production function for a good (Q) in terms of inputs labor (L) and capital (K) in the short run. KLQ101015103010350104601056510668If the cost of labor is $20 per L and the cost of capital is $10 per K, what is the total cost ofproducing 65 units? Enter your answer below. Do not include a "$"sign.

The firms, and businesses are the entities who are involved in the production of goods, and services…

K L Q 10 10 1 15 10 2 30 10 50 10 4 60 10 65 10 68 If the cost of labor is $20 per L and the cost of capital is $10 per K, what is the total cost of producing 65 units? Enter vour answer below. Do not include a "$"sign.

K L Q 10 10 1 15 10 2 30 10 50 10 4 60 10 65 10 68 If the cost of labor is $20 per L and the cost of capital is $10 per K, what is the total cost of producing 65 units? Enter vour answer below. Do not include a "$"sign.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

Question

Consider the table below that describes the production function for a good (Q) in terms of inputs labor (L) and capital (K) in the short run.

K
L
Q
10
10
15
10
30
10
3
50
10
4
60
10
5
65
10
6
68
If the cost of labor is $20 per L and the cost of capital is $10 per K, what is the total cost of
producing 65 units? Enter your answer below. Do not include a "$"sign.

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