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Answer the following questions assuming that employees are paid $15/hour. Note: If necessary round your answers to two decimal places. a) Based on the table
Answer the following questions assuming that employees are paid $15/hour. Note: If necessary round your answers to two decimal places. a) Based on the table in part b), what are the fixed costs for this firm? Fixed Cost = $0 b) Fill in the table by calculating the marginal product, total costs, and marginal costs at each quantity of employee hours. Output Marginal Employee Hours Total Costs Marginal Costs Product 30 0 8 0 16 0 CONQUINN- O 42 52 60 63 c) Whenever marginal product Increases, marginal cost will O decrease O increase d) Whenever marginal product decreases, marginal cost will O decrease O increase Official Time: 18:00:13 SUBMIT AND MARK SAVE AND CLOSE
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