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The table below shows how output changes as inputs change. The wage rate is £5 and the rental rate (cost) of capital is £2. find out the lowest cost method of making 4, 8 and 12 units of output. There are two methods of producing each level of output.

Capital 4 2 7 4 11 8
Labour 5 6 10 12 15 16
Output 4 4 8 8 12 12

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M945718

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