Suppose That for a Particular Firm the Only Variable Input

question 110

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 marginal cost when three workers are hired is $40 and the average total cost when three workers are hired is $50.What is the total cost of production when three workers are hired?

• A)$50
• B)$90
• C)$120
• D)$150

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Definitions:

Ethnography

A qualitative research method focused on the systematic study of people and cultures from the perspective of the subject or observational participant.

Statistical Tests

Procedures in statistics used to determine whether hypotheses about data sets are supported or refuted.

Gender Equality

The state of equal ease of access to resources and opportunities regardless of gender, including economic participation and decision-making.

Social Contexts

The environments or settings that influence and are influenced by individuals, shaping their behaviors, beliefs, and interactions.