Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The firm uses 3 units of capital(the Fixed Input),and therent on capitalis $200 per unit per day. The firm must hire between 1 to 5

The firm uses3units of capital(the Fixed Input),and therent on capitalis$200per unit per day. The firm must hire between1to5units of labor(the Variable Input), and thecost of laboris$60per worker per day. Depending on how much labor the firm hires, output (Total Product) is one of the following:

q1= 1

q2= 3

q3= 8

q4= 12

q5= 15

What is the Marginal Cost (MC) when 4 units of labor are used?(Do not include the dollar sign $ in your answer)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Statistics For Contemporary Decision Making

Authors: Black Ken

8th Edition

978-1118494769, 1118800842, 1118494768, 9781118800843, 978-1118749647

Students also viewed these Economics questions