Homework Answers
Option (b).
Total cost (TC) ($) = Labor cost + Capital cost = 5L + 4K
TC, Technique A ($) = 5 x 1 + 4 x 5 = 5 + 20 = 25
TC, Technique B ($) = 5 x 2 + 4 x 3 = 10 + 12 = 22
TC, Technique C ($) = 5 x 3 + 4 x 2 = 15 + 8 = 23
TC, Technique D ($) = 5 x 4 + 4 x 1 = 20 + 4 = 24
Since TC is lowest for technique B, this is the most efficient one.
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