Labor Output (units per week) (workers per week) 1. 20 50 3 70 4. 85 5. 95 6. 100 The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the marginal cost of producing the 90th unit? Select one: a. $50.00 Ob. $24.92 Oc. $31.61 Od. $10.00 2.

Labor Output (units per week) (workers per week) 1. 20 50 3 70 4. 85 5. 95 6. 100 The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the marginal cost of producing the 90th unit? Select one: a. $50.00 Ob. $24.92 Oc. $31.61 Od. $10.00 2.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis

Section: Chapter Questions

Problem 9TY

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