Suppose that a firm has only one variable input

Assignment Help Business Economics

Reference no: EM13743770

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 the firm produces 90 units of output. Fixed costs 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 marginal cost of production when the firm hires the 7th worker?

Reference no: EM13743770

Questions Cloud

Analysis of the experience of homegirls : Identify and discuss two of the hypotheses that have been put forward in the ethnography by Norma Mendoza-Denton to account for girls' involvement in gang activities. Which one is informing the author's analysis of the experience of Homegirls

How was the children''s role in the concentration camps : How was the children's role in the concentration camps during the holocaust?

In terms of financial and agricultural ability : What are two ways a seller of labour (that is, someone looking for a job) might reassure a possible employer who is faced with imperfect information? What are two ways that a farmer looking to rent ground might reassure a landowner that is faced with..

Who paid the most taxes in france before french revolution : Who paid the most taxes in France before the French Revolution?

Suppose that a firm has only one variable input : 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 the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10. T..

Identifying all cellular organelles with their role in cell : Cell Biology (graded) 2. DNA is the "blueprint," not only for the organism, but for all the parts of the cell. Let's begin by taking a close look at the cell, identifying all cellular organelles along with their role in the cell. Let's get started

Labor hours hired by the profit maximizing monopsonist : Suppose that one firm is the only employer of a certain labor service (i.e., the firm is a monopsonist). Assume its MRPL is given by L= 11 w and the labor supply is L = W. What is the wage paid and the number of labor hours hired by the profit maximi..

Global financial stability report is a semi annual report : The Global Financial Stability Report is a semi annual report published by the International Capital Markets division of the International Monetary Fund (IMF). The report includes an assessment of the risks facing the global financial markets.

Government be concerned with the pricing of products : Why should a government be concerned with the pricing of products that a company transfers to an affiliate in another country? Please explain in terms of taxation and exchange rates.

User Account

All Pages