In the following graph, the price of capital is $100 per unit; the price of labor is $25 per unit. When output is 20 units, what is AVERAGE cost?
a. $350
b. $700
c. $3,500
d. $7,000
e. none of the above
Answer: a (EXPLAIN)
Homework Answers
Ans. See the graph , in the curve where Q = 20 and the middle point is B , Units of Labor is 120 ( see the line starting from point B ) and Units of Capital is 40. Now price of Capital is $100 and Price of Labor is $25.
This means that Cost of Capital is $100 × 40 = $4000
Cost of Labor is $25 × 120 = $3000
Hence , Total Cost = $4000 + $3000 = $7000
Average Cost = Total Cost ÷ Output
Average Cost = $7000 ÷ 20
Average Cost = $350
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