Answer the question based on the following information: Suppose 10 units of product X can be produced by employing just labor and capital in the three ways shown below. Assume the prices of labor and capital are as shown. Which technique is the most economically efficient?
A)Technique I with total costs of $14
B)Technique II with total costs of $15
C)Technique III with total costs of $14
D)Technique I with total costs of $19

Question

Answer the question based on the following information: Suppose 10 units of product X can be produced by employing just labor and capital in the three ways shown below. Assume the prices of labor and capital are as shown.  Which technique is the most economically efficient?
A)Technique I with total costs of $14 
B)Technique II with total costs of $15 
C)Technique III with total costs of $14 
D)Technique I with total costs of $19

Quizplus · Accepted Answer

The Answer of Answer the question based on the following information: Suppose 10 units of product X can be produced by employing just labor and capital in the three ways shown below. Assume the prices of labor and capital are as shown.  Which technique is the most economically efficient?
A)Technique I with total costs of $14 
B)Technique II with total costs of $15 
C)Technique III with total costs of $14 
D)Technique I with total costs of $19

Answer the Question Based on the Following Information: Suppose 10