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Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information, what is the average total cost of production when the firm hires 7 workers?
Stockholders' Equity
The residual interest in the assets of a corporation after deducting its liabilities, representing the ownership interest of shareholders.
Retained Earnings
The amount of net earnings remaining for the company after distributing dividends to its shareholders.
Issue Price
The price at which new or existing securities are offered for sale to the public or the primary market.
Stockholders' Equity
Represents the equity interest of a company's shareholders, calculated as assets minus liabilities.
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