Refer to the Following

question 50

Multiple Choice

Refer to the following:

Suppose that the firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of labor is 75. The wage rate is $80 and the total cost of the fixed input is $500.

-What is the marginal cost?

• A) $0.63
• B) $0.94
• C) $1.60
• D) $3.20
• E) none of the above

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Definitions:

Fibrocystic Breast

A condition characterized by noncancerous changes in the breast tissue that can lead to lumpiness, tenderness, and discomfort.

Menstrual Period

A monthly shedding of the uterine lining in females, part of the menstrual cycle.

Supine

A position of lying on the back with the face upward, often used in medical examinations.

Gynecomastia

The enlargement of breast tissue in males, often due to hormonal imbalances.