Time left 1:30:35Suppose you are given the following output and (incomplete) cost table(assume labor is the only variable input and that all workers are paid anequal wage rate):Labor Output0 0234100 units270 units570units650unitsFixedCostVariableCostC.a. an amount less than $15b. an amount between $15 and $25an amount between $25 and $35d. an amount between $35 and $45e. an amount greater than $45TotalCost$50,000Average VariableCostundefinedWhat is marginal cost when the third worker is employed?$61.53

Marginal cost (MC) is a fundamental concept in economics that represents the additional cost…

Answered: Suppose you are given the following…

Suppose you are given the following output and (incomplete, cost tapre (assume labor is the only variable input and that all workers are paid an equal wage rate):

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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Question

Time left 1:30:35
Suppose you are given the following output and (incomplete) cost table
(assume labor is the only variable input and that all workers are paid an
equal wage rate):
Labor Output
0 0
2
3
4
100 units
270 units
570
units
650
units
Fixed
Cost
Variable
Cost
C.
a. an amount less than $15
b. an amount between $15 and $25
an amount between $25 and $35
d. an amount between $35 and $45
e. an amount greater than $45
Total
Cost
$50,000
Average Variable
Cost
undefined
What is marginal cost when the third worker is employed?
$61.53

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