Multiple Choice
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?
A) $66
B) $76
C) $906
D) $946
Correct Answer:
Verified
Correct Answer:
Verified
Q80: Assume Jack received all As in his
Q130: Accountants often ignore implicit costs.
Q145: If a firm experiences constant returns to
Q221: Scenario 13-9<br>Ellie has been working for an
Q223: For a large firm that produces and
Q224: Table 13-10 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1273/.jpg" alt="Table 13-10
Q226: A firm produces 400 units of output
Q229: Table 13-4<br>Charles's Math Tutoring <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1273/.jpg" alt="Table
Q230: The difference between accounting profit and economic
Q255: A firm produces 60 units of output