Using the information from the isoquant/isocost diagram to the right and assuming that PL = PK = $2, complete the table below (Enter your responses as integers) Output Units 100 200 300 Total Cost of Output $100 $ $300 Units of Labor Demanded 25 50 Units of Capital Demanded 50 75 Units of capital (K) 200 175 150- 125 8 100- 75+ 50- 25+ 0+ 0 25 50 9-1009-200 75 100 125 Units of labor (L) q=300 150 175 200 Q Q

Using the information from the isoquant/isocost diagram to the right and assuming that PL = PK = $2, complete the table below (Enter your responses as integers) Output Units 100 200 300 Total Cost of Output $100 $ $300 Units of Labor Demanded 25 50 Units of Capital Demanded 50 75 Units of capital (K) 200 175 150- 125 8 100- 75+ 50- 25+ 0+ 0 25 50 9-1009-200 75 100 125 Units of labor (L) q=300 150 175 200 Q Q

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

Using the information from the isoquant/isocost diagram to the right and assuming that PL = P = $2,
complete the table below. (Enter your responses as integers.)
Output Units
100
200
300
Total Cost of Output
$100
$
$300
Units of
Labor
Demanded
25
50
Units of Capital Demanded
4
50
75
Units of capital (K)
200
175-
150-
125-
8100-
75-
50-
25+
0+
0
25 50
9=100 9 200
100 125 150
q=300
75
Units of labor (L)
175 200
Q
Q

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