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  1. Suppose that a firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500.

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Chika Ilonah
Chika IlonahLv10
28 Sep 2019
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Related questions

The following figure shows a firm's marginal and average product curves for labor — the only variable input employed by the firm. The price (wage rate) of labor is $1000 per unit (i.e., w - $1,000). Note that AVC is minimized when AP is maximized. AP, MP 2,700 1.925 1.800 Marginal and average product Average Product Marginal Product 300 450 550 Labor d. (2 points) Marginal cost reaches its minimum value at _ units of labor usage.

The following figure shows a firm's marginal and average product curves for labor — the only variable input employed by the firm. The price (wage rate) of labor is $1000 per unit (i.e., w - $1,000). Note that AVC is minimized when AP is maximized. AP, MP 2,700 1.925 1.800 Marginal and average product Average Product Marginal Product 300 450 550 Labor e. (2 points) AVC when 550 units of labor are employed is $_

2. Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information, what is the average variable cost of production when the firm hires 7 workers? a. $12.67 b. $11 C. 81 cents d. 75 cents

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