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Suppose that an economy produces 500 units of output. It takes 20 units of labor at $15 a unit and 9 units of capital at

Suppose that an economy produces 500 units of output. It takes 20 units of labor at $15 a unit and 9 units of capital at $50 a unit to produce this amount of output. The per unit cost of production is

Multiple Choice

$1.50.
$0.60.
$3.00.
$0.90.

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