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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.
a. What is marginal cost?
b. What is average variable cost?
c. How much output is being produced?
d. What is the average total cost?
e. Is average variable cost increasing, constant, or decreasing?
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karl marx argued that all value in goods and services commodities came from the expenditure of labor in production.nbsp
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under what conditions will a firm shut down operations in the short run? identify an example you are familiar with or
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