Answer to Question #4741 in Microeconomics for Jim

Question #4741
Description :#1.)Table 13-14 Listed in the table are the long-run total costs for three different firms. <br>Quantity 1 2 3 4 5 <br>Firm A 100 100 100 100 100 <br>Firm B 100 200 300 400 500 <br>Firm C 100 300 600 1,000 1,500 <br><br>Refer to Table 13-14. Which firm is experiencing diseconomies of scale? Answer Firm A only Firm B only Firm C only Firm A and Firm B only <br><br>#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 it produces 90 units of output. Fixed cost 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 total cost of production when the firm hires 7 workers? Answer $66 $76 $906 $946
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Expert's answer
2012-04-10T08:16:44-0400
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