Exhibit
The following table shows how the total cost of producing canisters of peanuts varies with output and capital in the long run in a perfectly competitive industry.

-Refer to Exhibit. What levels of capital (K=1, K=2, or K=3) would the firm choose in the long run for producing three canisters and five canisters of peanuts per hour, respectively?

Question

Exhibit
The following table shows how the total cost of producing canisters of peanuts varies with output and capital in the long run in a perfectly competitive industry.
 
-Refer to Exhibit. What levels of capital (K=1, K=2, or K=3) would the firm choose in the long run for producing three canisters and five canisters of peanuts per hour, respectively?​

Quizplus · Accepted Answer

The Answer of Exhibit
The following table shows how the total cost of producing canisters of peanuts varies with output and capital in the long run in a perfectly competitive industry.
 
-Refer to Exhibit. What levels of capital (K=1, K=2, or K=3) would the firm choose in the long run for producing three canisters and five canisters of peanuts per hour, respectively?​

Exhibit The Following Table Shows How the Total Cost of Producing