Suppose that widgets can be produced using two different production techniques . A and B. The following table provides the total input requirements for each of five different output levels. a. Assuming that the price of labor P, is $2, and the price of capital P, is $3. Calculate the total cost of production for each of the five levels of output using the optimal (least cost) technology at each level b. Graph total cost of production as a function of output (Assuming optimal technology is used) Hint : cost on the y-axis, quantity of output on the x-axis Q- 2 KLKL KLKL Q-1 Q-3 Q-4 Q-5 Tech. K 12 7. 11 8 12 7 15

Suppose that widgets can be produced using two different production techniques . A and B. The following table provides the total input requirements for each of five different output levels. a. Assuming that the price of labor P, is $2, and the price of capital P, is $3. Calculate the total cost of production for each of the five levels of output using the optimal (least cost) technology at each level b. Graph total cost of production as a function of output (Assuming optimal technology is used) Hint : cost on the y-axis, quantity of output on the x-axis Q- 2 KLKL KLKL Q-1 Q-3 Q-4 Q-5 Tech. K 12 7. 11 8 12 7 15

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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Suppose that widgets can be produced using two different production techniques . A and B. The
following table provides the total input requirements for each of five different output levels.
a. Assuming that the price of labor P, is $2, and the price of capital P, is $3. Calculate the total
cost of production for each of the five levels of output using the optimal (least cost)
technology at each level
b. Graph total cost of production as a function of output (Assuming optimal technology is used)
Hint : cost on the y-axis, quantity of output on the x-axis
Q-1
Q-2 Q-3 Q-4 Q=5
KLKL KLKL
7 11 8
7 15
Tech.
K L
4
4.
12
12

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