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The minimum cost of producing 800 units of output is what

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Reference no: EM13223192

Consider the following graph, and answer questions a through e. If you perform calculations, show me your work.PLS SHOW THE CALCULATIONS.

X axis=Labor
Y axis=Capital

There are three curves, with Quantity of 400, 800 and 1200 units.

Three slopes: The first slope is between X300 and Y200 and tangent to the Q400 curve at where where Y is 120.

The 2nd slope is between X450 and Y300. Q800 is tangent to the slope at where X is 240.

The 3rd slope is between X600 and Y400.Q1200 is tangent to the slope at where the Y is 180.


a. If the price of capital is $7.50 per unit what is the per unit price of labor?
b. How many units of labor should the firm use in order to produce 400 units of output at the least cost?
c. The minimum cost of producing 800 units of output is what?
d. How many units of capital should the firm use to produce 800 units of output at the lowest cost?
e. The minimum cost of producing 1,200 units of output is what?

Reference no: EM13223192

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