Assume It Takes 10 Units of Labor to Produce 4

question 270

Multiple Choice

Assume it takes 10 units of labor to produce 4 units of output. When the price of labor is $6 per unit and fixed costs equal $60, what is the total cost of those 4 units of output?

• A) $60
• B) $70
• C) $120
• D) $84

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Definitions:

Head

The upper part of the human body or the leading or uppermost part of something, typically containing the brain and sensory organs.

Psychological Factors

Elements of a person's psychological make-up, such as emotions, attitudes, and mental health, that can affect physical well-being and behavior.

Biological

Pertaining to the science of life or living organisms, often used in reference to genetic or hereditary aspects of physical and mental health.

Sociocultural Factors

Aspects of society and culture that influence individual behaviors, attitudes, and mental health, including norms, values, and social practices.