Cost scheduleLaborTotal variable costsTotal costsOutput(units per day)(workers)(dollars)(dollars)3013205040703126090414801105151001301. In the chart above, the total fixed cost isb. $30a. 0c. $502. In the chart above, assuming that the labor is the only variable input, how much doeseach unit of labor cost?a. $20b. $30c. $403. In the chart above, what is total average cost when 8 units of output are produced?a. $5b. $8.67c. $8.75

Given: Cost schedule is given, where labor, output, total variable cost and total costs are…

Cost schedule Labor Output (units per day) Total variable costs Total costs (workers) (dollars) (dollars) 30 50 20 40 60 80 1 2 3 70 3 4 5 12 14 90 110 130 15 100 1. In the chart above, the total fixed cost is a. 0 b. $30 c. $50 2. In the chart above, assuming that the labor is the only variable input, how much does each unit of labor cost? a. $20 b. $30 c. $40 3. In the chart above, what is total average cost when 8 units of output are produced? c. S8.75 a. $5 b. $8.67

Cost schedule Labor Output (units per day) Total variable costs Total costs (workers) (dollars) (dollars) 30 50 20 40 60 80 1 2 3 70 3 4 5 12 14 90 110 130 15 100 1. In the chart above, the total fixed cost is a. 0 b. $30 c. $50 2. In the chart above, assuming that the labor is the only variable input, how much does each unit of labor cost? a. $20 b. $30 c. $40 3. In the chart above, what is total average cost when 8 units of output are produced? c. S8.75 a. $5 b. $8.67

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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