25 - Suppose that the firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500. What is the marginal cost? a) $1.06 b) O $3.20 c) $0.94 138317 d) O $0.63
25 - Suppose that the firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500. What is the marginal cost? a) $1.06 b) O $3.20 c) $0.94 138317 d) O $0.63
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 3.9P
Related questions
Question
![25 - Suppose that the firm's only variable input is labor. When 50 workers are used, the average
product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the
total cost of the fixed input is $500. What is the marginal cost?
a)
$1.06
b)
$3.20
c)
$0.94
138317
d)
$0.63](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd30f3735-2ebb-4f17-950f-f7f9fbca853a%2Ffdf40dd2-69cb-4352-8bf6-0846e039418b%2Fr994cfw_processed.png&w=3840&q=75)
Transcribed Image Text:25 - Suppose that the firm's only variable input is labor. When 50 workers are used, the average
product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the
total cost of the fixed input is $500. What is the marginal cost?
a)
$1.06
b)
$3.20
c)
$0.94
138317
d)
$0.63
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