I need help to figure out if what I think the answers are if there are correct. Also, I need full explanation 1. Assume that one laborer can produce 8 units of output, 2 laborers 19 units, three laborers 24 units, and four laborers 28 units. If the cost is $20 per unit of labor and total costs for producing 8 units are $360, what are total fixed costs? 2. Steve is about to start up a business in a monopolistically competitive market. He can expect to find entry into the market to be ___________, the number of competitors to be ______________, and the product he sells to be ___________. a. easy; very large; nondifferentiated b. difficult; very large; differentiated c. easy; relatively few; differentiated d. impossible; relatively few; differentiated e. easy; very large; differentiated 3. If a firm is currently producing zero output in the short run, total cost equals a. Zero. b. Marginal cost. c. Total Variable Cost d. Total Fixed Cost
I need help to figure out if what I think the answers are if there are correct. Also, I need full explanation
1. Assume that one laborer can produce 8 units of output, 2 laborers 19 units, three laborers 24 units, and four laborers 28 units. If the cost is $20 per unit of labor and total costs for producing 8 units are $360, what are total fixed costs?
2. Steve is about to start up a business in a
a. easy; very large; nondifferentiated
b. difficult; very large; differentiated
c. easy; relatively few; differentiated
d. impossible; relatively few; differentiated
e. easy; very large; differentiated
3. If a firm is currently producing zero output in the short run, total cost equals
a. Zero.
b. Marginal cost.
c. Total Variable Cost
d. Total Fixed Cost
e.
4. Every firm will have a U-shaped cost curve in the short-run because
a. Every firm faces resource limitations
b. Every firm faces rising capital costs during an economic recession
c. Of the law of diminishing marginal returns
d. Of labor unions
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