MicroEco 365T

9. Answer the question based on the following information: Suppose 10 units of product X can be produced by employing just labor and capital in the three ways shown below. Assume the prices of labor and capital are as shown. Resource Production Production Production price Technique 1 Technique 2 Technique 3 Labor $ 2 5 Capital 5 3 Which technique is the most economically efficient Multiple Choice Technique 1 with total costs of $16 Technique 3 with total costs of $21 Technique 2 with total costs of $17 Technique I with total costs of $23