Suppose a firm is hiring 20 workers at a wage rate of $60. The average product o

Question

1. 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? $2 $8 $600 none of the above
   
2. What is marginal cost? $.20 $5 $240 $720

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? $2 $8 $600 none of the above
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? 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? 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? $2 $2 $2 $8 $8 $8 $600 $600 $600 none of the above none of the above none of the above What is marginal cost? What is marginal cost? What is marginal cost? $.20 $.20 $.20 $5 $5 $5 $240 $240 $240 $720 $720 $720 $2 $8 $600 none of the above

Explanation / Answer

None of the above. Ave Total Cost is 1800

Marginal cost is 240

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