Suppose that widgets can be produced using two different production techniques, A and B. The following table provides th

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Suppose That Widgets Can Be Produced Using Two Different Production Techniques A And B The Following Table Provides Th 1 (46.98 KiB) Viewed 97 times

Suppose that widgets can be produced using two different production techniques, A and B. The following table provides the total input requirements for each of five different total output levels. Q=1 Tech. K L A 4 1 B 1 3 Q = 2 K 2 25 Q = 3 к L 9 4 4 8 Q=4 к L 12 7 5 12 Q = 5 K L 11 8 7 15 NO IN Assuming that the price of labor (P) is $1 and the price of capital (PR) is $3, calculate the total cost of production for each of the five levels of output using the optimal (least-cost) technology at each level. To do this, complete the table below by calculating the total cost of production, filling in the missing values using the optimal (least-cost) technology at each level. (Enter your responses as whole numbers.) Q=1 Q=2 Q=3 Q=4 Q=5 Total Cost $