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Consider a simple production process that only requires a fixed capital investment and labor. The fixed cost per day is $1,000 and the cost of
Consider a simple production process that only requires a fixed capital investment and labor. The fixed cost per day is $1,000 and the cost of labor per worker per day is $80. Note that expenses on labor are the only variable cost. In the table L denotes the number of workers used per day and Q denotes the output produced per day. What's the marginal cost of producing 50th unit
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