Answer to Question #17865 in Microeconomics for Mary
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 for 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 teh firm hires 7 workers? $12.67, $11, .81, .75
No comments. Be first!