A firm wants to minimize the total cost of producing 100 tons of dynamite. The firm uses two factors of production, chemicals and labor. The combination of chemicals and labor that minimizes production costs will be found where:
A) the marginal products of chemicals and labor are equal.
B) the ratio of the amount of chemicals used to the amount of labor used equals the ratio of the marginal product of chemicals to the marginal product of labor.
C) the ratio of the amount of chemicals used to the amount of labor used equals the ratio of the price of chemicals to the wage rate.
D) the production of an additional unit of dynamite costs the same regardless of whether chemicals or labor are used.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A firm wants to minimize the total cost of producing 100 tons of dynamite. The firm uses two factors of production, chemicals and labor. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The smallest amount of a drug to produce an effect is referred to as the
Answers (1)
Team members can collaborate on ideas using telepresence. a. True b. False
Answers (1)
On January 1st, Great Designs Company had a debit balance of $1,450 in the Office Supplies account. During the month, Great Designs purchased $115 and $160 of office supplies and journalized them to the Office Supplies asset account upon purchasing.
Answers (1)
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $760 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30.
Answers (1)
Personal selling goals include finding prospects, convincing prospects to buy, and a. monitoring new products being developed. b. avoiding repeat transactions. c. keeping customers satisfied. d. being aware of competitors' sales activities. e.
Answers (1)
New Questions in Business
If Canada has a surplus of paper products produced but its consumers demand more cleaning solutions, and the US has an abundance of cleaning solutions but consumers are demanding more paper products, how would trade benefit both countries?
Answers (1)
Recording Standards in Accounts The Assembly Department produced 5,000 units of product during March. Each unit required 2.20 standard direct labor hours.
Answers (1)
Jennifer's Boutique has 2,100 shares outstanding at a market price per share of $26. Sally's has 3,000 shares outstanding at a market price of $41 a share. Neither firm has any debt. Sally's is acquiring Jennifer's for $58,000 in cash.
Answers (1)
Why are protective tariffs considered negative? They cause imports increase. They cause imports to decrease. Countries usually raise tariffs in retaliation. Exports often decrease. They cause people to buy more goods produced by their home country.
Answers (1)
A broker that does not represent the seller or the buyer but simply is paid a fee to bring the two together is called a
Answers (1)