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

$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

previous business sales - c.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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