Refer to the following table.What is the total cost of producing five (5)units of the good?

Question

Quizplus · Accepted Answer

To produce 5 units of the good, we need to use 4 units of labor and 1 unit of capital. The cost of 4 units of labor is $240 per unit, which is a total of $960. The cost of 1 unit of capital is $65 per unit, which is a total of $65. Adding these two costs together gives us a total cost of $1,025 to produce 5 units of the good. Therefore, the best choice is to produce 5 units of the good, which has a total cost of $1,025.

Refer to the Following Table