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Consider the following table which describes how a firm uses variable labour input to produce output in the shortrun. Suppose each worker is paid $46
Consider the following table which describes how a firm uses variable labour input to produce output in the shortrun. Suppose each worker is paid $46 and each piece of capital is rented for $14. The firms is currently using 9 units of capital. q 0 17 49 100 168 257 359 476 574 663 720 776 806 822 LDOONO'IL-lE-UJMl'Ql H O H H H M H U.) Part [a]: What leve of output should the firm produce at if their goal is to minimize their average variable cost? Part [b]: Which level of output should the firm produce at if their goal is to minimize their marginal cost? Part [c]: What level of output should the firm produce at if their goal is to minimize their average total cost
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