TABLE 8-1 -Refer to Table 8-1.If the Price of Labour Is $10

question 77

Multiple Choice

TABLE 8-1

-Refer to Table 8-1.If the price of labour is $10 and the price of capital is $5,which production technique minimizes the costs of producing 1000 units of output?

• A)A
• B)B
• C)C
• D)D
• E)Any of the techniques have the same cost.

Utilize technology and digital platforms for enhancing communication with families.

Engage in reciprocal communication to foster partnerships between home and school.

Address the digital divide and ensure equitable access to technology-based communication.

Prepare effectively for communication with non-English speaking families and ensure inclusivity in communication methods.

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Definitions:

Long-run Total Costs

The total costs incurred by a firm when all inputs are variable and can be adjusted.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.

Long-run Average Total Cost

The average cost per unit of output when all inputs, including capital, are variable, analyzed over a period when all factors of production can be adjusted.

Economies of Scale

The cost advantage that arises with increased output of a product, resulting in a decrease in the per-unit cost as the scale of production is enlarged.