Solved: What is the total cost of production, Accounting Basics

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What is the total cost of production

Problem:

Suppose that the Johnson Company has the following production function:

Q = L × C

The price of labor (L) is $20 per unit and the price of capital (C) is $50/unit. How much labor and capital should Johnson employ to produce 200,000 units? What is the total cost of production?

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Accounting Basics: What is the total cost of production

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Accounting Basics: What is the total cost of production

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