How to calculate the total cost of production

Reference no: EM13201118

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?

Reference no: EM13201118

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How to calculate the total cost of production : 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.

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