Suppose That When 2 Units of Labor,the Only Variable Input

question 78

Multiple Choice

Suppose that when 2 units of labor,the only variable input into the production process,are hired,the total cost of production is $100 and that when 3 units of labor are hired the total cost of production is $120.In addition,assume that the variable cost per unit of labor is the same regardless of the number of units of labor that are hired.What is the firm's fixed cost?

• A)$40
• B)$60
• C)$80
• D)$100

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Definitions:

Diverse Ability Groups

Groups composed of individuals with varying abilities, skills, and talents, often aimed at promoting inclusivity and leveraging differences for enhanced group performance.

Homogeneous Groups

Groups composed of members who are similar to one another in aspects like social background, beliefs, or demographic characteristics.

Low Skill Levels

Describes individuals or groups who have minimal proficiency, expertise, or competence in a particular area or skill set, often requiring further development or training.

Diversity

The inclusion of individuals representing more than one national origin, color, religion, socioeconomic stratum, sexual orientation, etc.