Homework Help: Economics

Posted by Kingram on Saturday, March 28, 2009 at 11:15pm.

Suppose that a firm is currently employing 30 workers, the only variable input, at a wage rate of $60. The average product of labor is 30, the last worker added 12 units to total output, and total fixed cost is: $3,600.

a. What is marginal cost?

b. What is average variable cost?

c. How much output is being produced?

d. What is average total cost?

e. Is average variable cost increasing, decreasing or constant? What about average total cost>

Economics - economyst, Monday, March 30, 2009 at 4:33pm
Take a shot, what do you think.
Hint, MC is the cost of producing the last unit. Here, the last 12 cost $60, so MC = 60/12 = $5
managerial eccon - stacey, Sunday, October 3, 2010 at 6:03pm
5

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