Exhibit 21-14
![Exhibit 21-14 Assume that labor is the only variable input and that each additional laborer is paid $600. -Refer to Exhibit 21-14. What is the level of output with 2 and 3 laborers working [blanks (A) and (B) ], respectively? A) 175 units; 225 units B) 100 units; 175 units C) 100 units; 225 units D) 50 units; 175 units E) none of the above](https://d2lvgg3v3hfg70.cloudfront.net/TB6992/11eb1775_c293_072e_95b8_9bbfbaa0c1c1_TB6992_00.jpg)
Assume that labor is the only variable input and that each additional laborer is paid $600.
-Refer to Exhibit 21-14. What is the level of output with 2 and 3 laborers working [blanks (A) and (B) ], respectively?
Definitions:
Total Revenue
The total income generated by a firm from its sales of goods or services, calculated as the unit price times the quantity sold.
Average Total Cost
The total cost of production (fixed plus variable costs) divided by the total quantity of output produced.
Average Variable Cost
The total variable costs divided by the quantity of output, representing the variable cost per unit of output.
Marginal Cost
The escalation in total financial outlay due to the creation of one more unit of a product or service.
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