Cost scheduleLaborTotal variable costsTotal costsOutput(units per day)(workers)(dollars)(dollars)3013205040703126090414801105151001301. In the chart above, the total fixed cost isb. $30a. 0c. $502. In the chart above, assuming that the labor is the only variable input, how much doeseach unit of labor cost?a. $20b. $30c. $403. In the chart above, what is total average cost when 8 units of output are produced?a. $5b. $8.67c. $8.75

Given: Cost schedule is given, where labor, output, total variable cost and total costs are…

Cost schedule Labor Output (units per day) Total variable costs Total costs (workers) (dollars) (dollars) 30 50 20 40 60 80 1 2 3 70 3 4 5 12 14 90 110 130 15 100 1. In the chart above, the total fixed cost is a. 0 b. $30 c. $50 2. In the chart above, assuming that the labor is the only variable input, how much does each unit of labor cost? a. $20 b. $30 c. $40 3. In the chart above, what is total average cost when 8 units of output are produced? c. S8.75 a. $5 b. $8.67

Cost schedule Labor Output (units per day) Total variable costs Total costs (workers) (dollars) (dollars) 30 50 20 40 60 80 1 2 3 70 3 4 5 12 14 90 110 130 15 100 1. In the chart above, the total fixed cost is a. 0 b. $30 c. $50 2. In the chart above, assuming that the labor is the only variable input, how much does each unit of labor cost? a. $20 b. $30 c. $40 3. In the chart above, what is total average cost when 8 units of output are produced? c. S8.75 a. $5 b. $8.67

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 9SQP

See similar textbooks

Similar questions

Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
How does fixed cost affect marginal cost? Why is this relationship important?
A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.
What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
Are fixed costs also sunk costs? Explain.
What are explicit and implicit costs?
What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?
What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?
How do we calculate marginal product?
What is a production technology?
A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?