Question

7.3 costs in the short run due wednesday by 11:59pm points 100 submitting an external tool calculate cost from a production function question the following chart represents the cost of producing different amounts of computers in an hour. quantity of output(q) 2 5 9 13 15 workers (l) 2.0 3.23 4.50 5.60 6.78 wage rate per hour $14.88 $14.88 $14.88 $14.88 $14.88 calculate the cost of producing 9 computers. round your answer to the nearest hundredths place. provide your answer below:

Explanation:

Step1: Identify relevant data

From the table, when quantity of output $Q = 9$, number of workers $L=4.50$ and wage - rate per hour $w = 14.88$.

Step2: Use cost formula

The cost of production $C$ is given by the formula $C=w\times L$. Substitute $w = 14.88$ and $L = 4.50$ into the formula. So $C=14.88\times4.50$.

Step3: Calculate the result

$14.88\times4.50 = 66.96$.

Answer:

$66.96$