Suppose Ralph has a chicken processing plant with the total cost function shown in the accopmanying table. Quantity of Total Cost ($) Chickens 800 What is Ralph's fixed cost? 1,000 1,000 2,000 1,200 3,000 1,400 4,000 1,500 Ralph's fixed cost: 24 800 5,000 1,600 6,000 1,800 7,000 2,000 Ralph pays his workers $100 each, and labor is the only 8,000 2,400 variable cost. At a quantity of 8000 chickens, how many workers does he hire? 10 number of workers Ralph hires: Incorrect

Suppose Ralph has a chicken processing plant with the total cost function shown in the accopmanying table. Quantity of Total Cost ($) Chickens 800 What is Ralph's fixed cost? 1,000 1,000 2,000 1,200 3,000 1,400 4,000 1,500 Ralph's fixed cost: 24 800 5,000 1,600 6,000 1,800 7,000 2,000 Ralph pays his workers $100 each, and labor is the only 8,000 2,400 variable cost. At a quantity of 8000 chickens, how many workers does he hire? 10 number of workers Ralph hires: Incorrect

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section21.5: Production And Costs In The Long Run

Problem 1ST

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