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In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the

In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is shown in the table below. Calculate the total labor cost and the marginal resource cost, and then fill in the blanks in the labor supply table. Instructions: Enter your answers as a whole number. Units of Labor Total Product Wage Rate Total Labor Cost Marginal Resource (Labor) Cost 10 200 $7 11 214 8 12 226 9 13 236 10 14 244 11 15 250 12

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