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Suppose the wage (w) is $10 and the cost of capital (v) is $15. What is the average total cost of producing 10 widgets when they are produced in the least-cost way

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Tundexi

Answer:

$17

Explanation:

Note: The missing table for this question is attached below as picture

Q=10

Cost Minimizing K=6, L=8

W=10, V=15

Cost Function (C)= WL + VK

C = $10*8 +$15*6

C = $80 + $90

C = $170

Now we calculate the average total cost of producing 10 widgets?

Average total cost = C/Q

Average total cost = $170/10

Average total cost = $17

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