BIOL 2070 Lecture Notes - Lecture 5: Creative Destruction, European Route E80, Marginal Cost

• School: University of Windsor
• Department: Biological Sciences
• Course: BIOL 2070
• Professor: Professor Noel

Document Summary

Choose the one alternative that best completes the statement or answers the question. The table below shows 4 alternative production techniques for producing 1000 widgets per month. If the price of labour is and the price of capital is , which production. 1) technique minimizes the costs of producing 1000 units of output: a, b, c, d, any of the techniques have the same cost, refer to table 8-1. If the price of labour is and the price of capital is , which production. 2) technique minimizes the costs of producing 1000 units of output: a, b, c, d, any of the techniques have the same cost, refer to table 8-1. If the price of both labour and capital is , which production technique. 3) minimizes the costs of producing 1000 units of output: a, b, c, d, any of the techniques have the same cost.