The price of labor is $20 per unit and the priceof capital is $40 per unit.Optimal inputcombinationOutputL*10203040K*812LTC LAC LMC20$__ $ ___ xx$243250482,040.When output is 20 units, how many units oflabor will the firm use?Select one:а.50b.24C.22d.30

Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

The price of labor is $20 per unit and the price of capital is $40 per unit. Optimal input combination OutputL* 10 20 30 40 K* 8 12 LTC LAC LMC $___ $ ___ xx $24 20 32 50 48 2,040. When output is 20 units, how many units of labor will the firm use? Select one: а. 50 b. 24 C. 22 d. 30

The price of labor is $20 per unit and the price of capital is $40 per unit. Optimal input combination OutputL* 10 20 30 40 K* 8 12 LTC LAC LMC $_ $ _ xx $24 20 32 50 48 2,040. When output is 20 units, how many units of labor will the firm use? Select one: а. 50 b. 24 C. 22 d. 30

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

The price of labor is $20 per unit and the price
of capital is $40 per unit.
Optimal input
combination
OutputL*
10
20
30
40
K*
8
12
LTC LAC LMC
20
$__ $ ___ xx
$24
32
50
48
2,040.
When output is 20 units, how many units of
labor will the firm use?
Select one:
а.
50
b.
24
C.
22
d.
30

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