Suppose That for a Particular Firm the Only Variable Input

question 329

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 of the third worker 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:

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A connection or cooperative link between people, organizations, or concepts.

Falls

Incidents where individuals unexpectedly come to rest on the ground or lower level, often leading to injuries, especially among older adults.

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The list or database from which a sample is drawn for the purpose of conducting research or statistical analysis.

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A collective term referring to institutions, organizations, and populations involved in education beyond secondary school, including colleges and universities.