Use the information provided in Table 7.1 below to answer the question(s) that follow.
Inputs Required to Produce a Product Using Alternative Technologies
$\begin{array} { c c c }
\hline \text { Technology } & \text { Units of Capital } & \text { Number of Employees } \
\hline \text { A } & 4 & 18 \
\text { B } & 6 & 12 \
\text { C } & 8 & 8 \
\text { D } & 12 & 6 \
\hline
\end{array}$
Table 7.1

-Refer to Table 7.1. If the hourly wage rate is $7 and the hourly price of capital is $10, which production technology should be selected?
A) A
B) B
C) C
D) D

Question

Use the information provided in Table 7.1 below to answer the question(s) that follow. 
Inputs Required to Produce a Product Using Alternative Technologies 
$\begin{array} { c c c } 
\hline \text { Technology } & \text { Units of Capital } & \text { Number of Employees } \
\hline \text { A } & 4 & 18 \
\text { B } & 6 & 12 \
\text { C } & 8 & 8 \
\text { D } & 12 & 6 \
\hline
\end{array}$
Table 7.1

-Refer to Table 7.1. If the hourly wage rate is $7 and the hourly price of capital is $10, which production technology should be selected?
A) A
B) B
C) C
D) D

Quizplus · Accepted Answer

The cost for each technology is calculated as follows: A: (4 * $10) + (18 * $7) = $166, B: (6 * $10) + (12 * $7) = $144, C: (8 * $10) + (8 * $7) = $136, D: (12 * $10) + (6 * $7) = $162. Technology C has the lowest cost.

Use the Information Provided in Table 7 Table 71 -Refer to Table 7

Use the Information Provided in Table 7 Table 71

-Refer to Table 7