Answered: Employee hours per day Output per…

Employee hours per day Output per Output price Hourly wage Rent day rate 0 0 $2 $14 $50 1 40 $2 $14 $50 4 80 $2 $14 $50 9 120 $2 $14 $50 15 160 $2 $14 $50 23 200 $2 $14 $50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Refer to the figure above. Fixed cost for this firm is:

A. $66

B. $64

C. $50

D. $14

The firm earns a ___________ of __________ when it produces 120 units of output.

A. loss; $64

B. profit; $64

C. loss; $114

D. profit; $114

What is the marginal cost of the 9^th employee hour?

A. $126

B. $14

C. $50

D. $48

Employee
hours per day
Output per Output price Hourly wage Rent
day
rate
0
0
$2
$14
$50
1
40
$2
$14
$50
4
80
$2
$14
$50
9
120
$2
$14
$50
15
160
$2
$14
$50
23
200
$2
$14
$50

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