Labor Output (workers per week) (units per week) 0 0 1 20 2 50 3 70 4 85 5 95 6 100 Use the above table to answer the following 2 questions. The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. If 95 units are produced, the average total cost is $6.31. $17.45. $26.32. $32.63. QUESTION 7 The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the marginal cost of producing the 90th unit? $10.00 $24.92 $31.61 $50.00

Labor Output (workers per week) (units per week) 0 0 1 20 2 50 3 70 4 85 5 95 6 100 Use the above table to answer the following 2 questions. The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. If 95 units are produced, the average total cost is $6.31. $17.45. $26.32. $32.63. QUESTION 7 The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the marginal cost of producing the 90th unit? $10.00 $24.92 $31.61 $50.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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