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A firm uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80.00, and the price of the firm's output is $25.00. The cost of other variable inputs is 400,000 per day. Although you do not know the firm's fixed cost, you know that it is high enough that the firm's total costs exceed its total revenue. Assume that the firm's total costs exceed its total revenue. Calculate the values for the following four formulas. 1) Total variable cost (number of workers*workers daily wage) 2) Average variable cost- (Total variable Cost/Units of Output per day 3)Average total cost- (Total variable cost + total fixed cost) (Units of output per day) 4)Worker productivity (Units of output per day/number of workers.
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