Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me out with mcq Refer to the information provided in Table 1 below to answer the questions (1-4). Refer to the information provided

Please help me out with mcq

image text in transcribedimage text in transcribed
Refer to the information provided in Table 1 below to answer the questions (1-4). Refer to the information provided in Table 1 below to answer the questions (1-4). Using Units of Variable Inputs Produce Techniques K L 1 unit of output A 8 8 B 12 2 units of output A 12 B 3 units of output A 12 B 12 Table 1Refer to Table 1. Assuming the price of labor (L) is $5 per unit and the price of capital (K) is $10 per unit, the total variable cost of producing one unit of output is Select one a. 5220 b. $100 C. $16 d. 5120 Question 3 Refer to Table 1. Assume that the relevant time period is the short run. Assuming the price of labor (L) is SSper unit and the price of capital (K) is $10 per unit, this firm's total cost of producing one unit of output is Select one: a. 5120 b. $220 c. $100 cl. Indeterminate from this We; Question 4 Refer to Table 1. Assuming the price of labor (L) is $5 per unit and the price of capital (K) is $10 per unit, the marginal cost of producing the third unit of output is Select one: a. $30 b. Indeterminate from this information C. $50 D. $40 Question 5 An economy in which there are no market failures and all industries are in a competitive long-run equilibrium is one where 1. allocative efficiency is achieved: 2. the economy is on the production possibilities boundary 3. there is no incentive for firms to enter or leave industries Select one: o a. 1, 2, and 3 b. 2 only c 1 and 2 cl. 1 and 3 e. 2and3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Economics

Authors: N. Gregory Mankiw

5th Edition

0324590024, 9780324590029

More Books

Students also viewed these Economics questions