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

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 3.7P

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