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:

Equity Benefit Programs

Benefits strategies designed to ensure fair treatment and opportunities for all employees, often by addressing needs specific to certain groups.

Canada Pension Plan

A mandatory public retirement pension plan in Canada, funded by employer and employee contributions, that provides income in retirement or in case of disability.

Pension Rights

Legal entitlements related to retirement benefits, including eligibility, amounts, and conditions for receiving pension.

Portable

Often used to describe technology or skills that can be easily transferred or utilized in different contexts or locations.