A technology firm has determined that their lowest total cost production technology is $880. If machines cost $100 and the company has determined that the combination of 7 machines and 9 workers yields the lowest total cost of production, what is the cost of each worker?

A technology firm has determined that their lowest total cost production technology is $880. If machines cost $100 and the company has determined that the combination of 7 machines and 9 workers yields the lowest total cost of production, what is the cost of each worker?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section12.4: Costs In The Short Run And In The Long Run

Problem 4QQ

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