Techniques for Making 100 Automobiles

question 192

Multiple Choice

Techniques for making 100 automobiles

-The table above shows three production methods to produce 100 automobiles per day. If the price of labor is $20 per unit and the price of capital is $100 per unit, which of the three methods is economically efficient?

• A) Method A only
• B) Method B only
• C) Method C only
• D) All three methods are economically efficient.

Understand the relationship between input costs, output prices, and profit maximization.

Apply production functions to calculate optimal levels of inputs for profit maximization.

Determine the optimal mixture of multiple inputs based on their relative costs and production function.

Calculate the effect of changes in input and output prices on profit-maximizing input levels.

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