Math/Economics

posted by Bill

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

1. Lisa

\$66

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