Item 9The following graph shows the marginal and average product curves for labor, the firm's onlyvariable input. The monthly wage for labor is $2,000. Fixed cost is $120,000.| APMP1008060MPAP60801001201401602040LaborWhen the firm uses 100 units of labor, what is marginal cost at this level of output?Multiple Choices$33.33$25= %O $180O $90Ave rage aid m arginal prodictof labor20

When L = 60, TVC = 2,000 x 60 = 120,000 AVC = TVC / Q = 120,000 / 3,600 = $33.33

Answered: Item 9 The following graph shows the…

Item 9 The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,000. Fixed cost is $120,000. APMP

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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