Multiple Choice
Refer to the following:
Suppose a firm is hiring 20 workers at a wage rate of $60. The average product of labor is 30, the last worker added 12 units of output, and total fixed cost is $3,600.
-What is average total cost?
A) $2
B) $8
C) $600
D) $1800
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q16: Suppose that you run a house-painting company
Q27: production function measures the relation between<br>A)input prices
Q61: short-run production function assumes that<br>A)the level of
Q84: Refer to the following:<br> <span
Q86: Refer to the following:<br><br> <span
Q87: Fill in the blanks in the table
Q89: Refer to the following:<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2558/.jpg" alt="Refer
Q90: Refer to the following:<br>The capital stock
Q91: Refer to the following:<br><br> <span
Q93: Refer to the following:<br>The following graph shows