Use the Table Below to Answer the Following Questions

question 22

Essay

Use the table below to answer the following questions. Calculate the total cost of production if labor and capital costs are equal at a $1 each. The recalculate the costs when only the price of labor rises to $5 but capital costs remain at $1. Identify the least cost technology in both cases.

---

Definitions:

Hippocampus

A region of the brain associated with memory formation, organization, and storage.

New Memories

Information or experiences that are newly encoded into an individual's memory system.

Infantile Amnesia

The relative inability of older children and adults to recall events from the first few years of life.

Recall

The ability to retrieve and reproduce information from memory that was previously encoded and stored.