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?
$66, $76, $906, $946
 👍
 👎
 👁
 ℹ️
 🚩
1 answer

946
 👍
 👎
 ℹ️
 🚩
answered by Phuc
Answer this Question
Related Questions

economics
An employer has narrowed a list of applicants down to two individuals. The two candidates look nearly identical on paper, but one of them has earned a fouryear college degree. The employer decides to offer employment to the college graduate. What does
 asked by Mz A

principles of economic
Suppose that a typical firm in a monopolistically competitive industry faces a demand curve given by: q = 60  (1/2)p, where q is quantity sold per week. The firm's marginal cost curve is given by: MC = 60. 1. How much will the firm produce in the short
 asked by Abdulwahab Oladapo Mogaji

economics
An employer has narrowed a list of applicants down to two individuals. The two candidates look nearly identical on paper, but one of them has earned a fouryear college degree. The employer decides to offer employment to the college graduate. What does
 asked by Mz A

Econ
You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is 1.5, and the crossprice elasticity of demand between product Y and X is 1.8.
 asked by anonymous

MathProbability
A law firm has six senior and fourteen junior partners. A committee of 3 partners is selected at random to represent the firm at a conference. What is the probability that at least one of the junior partners is on the committee?
 asked by Emma

algebra
in a relationship between variables, what is the variable called that changes in response to another variable? a. function b. input function c. independent variable d. dependent variable
 asked by john

algebra
Which statements are true of functions? Check all that apply. All functions have a dependent variable. All functions have an independent variable. The range of a function includes its domain. A vertical line is an example of a functional relationship. A
 asked by Trinity

Economics
you are hired as the consultant to a monopolistically competitive firm. The firm reports the following information about its price, marginal cost, and average total cost. Can the firm possibly be maximizing profit? If the firm is profit maximizing, is the
 asked by Sally

PE
Describe what a person would need to do in terms of caloric input and output to: Lose weight: To lose weight, caloric input needs to decrease, and caloric output needs to increase? Gain weight: To gain weight, caloric input needs to increase, and caloric
 asked by PE

English
1.) Read the following lines from the poem Africa. "Impetuous son that tree young and strong. that tree there in splendid loveliness amidst white and faded flowers. that is Africa your Africa. that grows again patiently obstinately. and its fruit gradually
 asked by Stephany

algebra
At a certain real estate firm,realtors selling homes receive a commission of 7% for the first 140,000 of the selling price, and 5% for any amount exceeding 140,000. A realtor for the firm received 11,350 for selling a house. What was its selling price?
 asked by Lauren

Economics
Suppose that a typical firm in a monopolistically competitive industry faces a demand curve given by: q = 60  (1/2)p, where q is quantity sold per week. The firm's marginal cost curve is given by: MC = 60. 1. How much will the firm produce in the short
 asked by Cyd

Microeconomics (need to see if i got these right.
31. If an increase in the price of a good leads to an increase in total revenue, then _____. (Points: 3) the supply curve must be price inelastic the demand curve must be price inelastic I CHOSE THIS ONE the supply curve is price elastic none of the above
 asked by Heidi

economic analysis
suppose you are running the food concession at the athletic events for your college.you sell hot dogs,colas,and potato chips.What are your inputs of capital,labor and materials?if the demand for the hot dogs declines,what steps could you take to reduce
 asked by naveed

Math
3. Given a value for the input variable, x, and the output variable, y, calculate the constant of proportionality. x = 60 and y = 18 x = 2/2 5 and y = 7 1/2 show your work please and thank you
 asked by URGENT

Economics
got this from my teacher, A monopolist faces a demand curve given by the following equation: P = $500 − 10Q, where Q equals quantity sold per day. Its marginal cost curve is MC = $100 per day. Assume that the firm faces no fixed cost. and have the
 asked by Julie

econ, econmics, macroeconomics
If the total costs of producing 1,500 units of output is $12,000 and this output sold to consumers for a total of $15,000, then the firm would earn economic profits of A.$15,000. B.$3,000. C.$12,000. D.$27,000. E.$18,000.
 asked by 2323rere

Science
1) a water balloon is thrown toward a target at 18 m/s. If the water balloon has a mass of 0.4 kg, what is its momentum? A) 7.2 kg • m/s B) 18.4 kg • m/s C) 45 kg • m/s D) 7.2 kg • m 2) what is the momentum of a car with a mass of 2,000 kg moving
 asked by I need help fast

Economics
There is a graph showing the expansion path and three curves at 120, 180, 240 output levels.The expansion path hits these lines at(120) 20 (C)(capital units) 4(L)(Labor units, (180) 40 (C) 6(L), (240) 50(C) 8(L). There are three straight lines in faded
 asked by TrickyEcon

Economics
A monopoly firm faces a demand curve given by the following equation: P = $500 − 10Q, where Q equals quantity sold per day. Its marginal cost curve is MC = $100 per day. Assume that the firm faces no fixed cost. You may wish to arrive at the answers
 asked by Bob
Still need help?
You can ask a new question or browse existing questions.