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April 18, 2014

Homework Help: Math/Economics

Posted by Bill on Tuesday, October 18, 2011 at 9:23pm.

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

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