Suppose That for a Particular Firm the Only Variable Input

question 611

Multiple Choice

Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that the average total cost when 5 units of output are produced is $30, and the marginal cost of the sixth unit of output is $60. What is the average total cost when six units are produced?

• A)$10
• B)$25
• C)$30
• D)$35

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Definitions:

Users of Capital

Individuals or entities that borrow or utilize funds to finance their operations, investments, or other expenditures in pursuit of generating returns or growth.

Suppliers of Capital

Entities or individuals that provide financial resources to other entities in exchange for financial returns.

Contradictory Goals

Objectives within an organization or project that are at odds with each other, making it difficult or impossible to achieve them simultaneously.

Holding Period

The duration of time an investment is held by an investor, impacting tax treatment and investment strategy.