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Suppose that an economy produces 500 units of output. It takes 10 units of labor at $15 a unit and 2 units of capital at

Suppose that an economy produces 500 units of output. It takes 10 units of labor at $15 a unit and 2 units of capital at $50 a unit to produce this amount of output. The per unit cost of production is

Multiple Choice

  • $0.50.
  • $2.00.
  • $1.00.
  • $0.20.

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