The firm currently uses 70,000 workers to produce 300,000 units of output per day. The daily wage (per worker) is $100, and the price of the firm’s output is $30. The cost of other variable inputs is $500,000 per day. Although you don’t know the firm’s fixed cost, you know that it is high enough that the firm’s total costs exceed its total revenu,show your work

And what is your question?

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To determine whether the firm's total costs exceed its total revenue, we need to compute the total cost and total revenue separately.

Total Cost:
1. Calculate the total cost of labor: Multiply the number of workers (70,000) by the daily wage per worker ($100) to get $7,000,000 per day.
2. Add the cost of other variable inputs ($500,000 per day) to the labor cost to get the total variable cost per day: $7,000,000 + $500,000 = $7,500,000 per day.

Total Revenue:
Multiply the price of the firm's output ($30) by the number of units produced per day (300,000) to calculate the total revenue per day: $30 * 300,000 = $9,000,000 per day.

Comparison:
If the firm's total costs exceed its total revenue, it means that the total costs are higher than the total revenue.

Total Costs: $7,500,000 per day
Total Revenue: $9,000,000 per day

Since the total costs ($7,500,000) are less than the total revenue ($9,000,000), we can conclude that the firm's total costs do not exceed its total revenue.