Exhibit 12-10
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 12-10.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 12-10
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 12-10.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 12-10
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 12-10.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 12-10 The Following Table Shows How the Total Cost of Producing