Solve the following MCQ

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