Math/Economics

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. 👍
2. 👎
3. 👁
1. 946

1. 👍
2. 👎

Similar Questions

1. Economic

Suppose that labor is the only input used by a perfectly competitive firm that can hire workers for \$50 per day. The firm’s production function is as follows: Days of Labor/Units of Output: 0/0, 1/7, 2/13, 3/19, 4/25, 5/28,

2. managerial economics

A firm uses a single plant with costs C= 160 +16Q +.1Q2 and faces the price equation P= 96 – .4Q. a) Find the firm’s profit-maximizing price and quantity. What is the profit? b) The firm’s production manager claims that the

3. economics (micro)

2. In the table below, assume a monopsonist has the marginal-revenue-product schedule for a particular type of labor given in columns 1 and 2 and that the supply schedule for labor is that given in columns 1 and 3. (1) (2) (3) (4)

4. Economics

Two firms produce the same good and compete against each other in a Cournot market. The market demand for their product is P = 204 - 4Q, and each firm has a constant marginal cost of \$12 per unit. MR1 = 204 - 8q1 - 4q2. Let q1 be

1. college econ

You own four firms that produce different products. The following table summarizes the conditions in each firm. After calculating the missing numbers for each firm, make one of the following four decisions regarding operations in

2. Managerial ECON

Suppose that a firm is currently employing 20 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

3. Managerial Economics

Suppose that a firm is currently employing 10 workers, the only variable input, at a wage rate of \$100. The average physical product of labor is 25, the last worker added 10 units to total output, and total fixed cost is \$5,000.

4. Math/Economics

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

1. College microeconomics

Need some help with these questions....Thanks in advanced. All profit-maximizing firms hire inputs up to the point where: A) MRP = W B) MR = MC C) MP = W D) MFC = MRP E) MFR = MRC 4) A firm’s marginal revenue product of labor

2. economics

supose the following demand and cost function of duopoly firm x=40-0.2p where x=x1+x2 c1=50+2x1+0.5x12 c2=100+10x2 drive riaction function find cournot equilibrium quantity and price calculate the equilubrium price and output of

3. economics

The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply. a. What is the marginal revenue that

4. MATH

I need help ASAP. A firm produces its output in two plants, A and B.a. To maximize its profit, the firm should produce the output at which ______ equals ______. It sets the price given by ______. b. It should allocate this output