Suppose That the Firm's Only Variable Input Is Labor

question 53

Multiple Choice

Suppose that the firm's only variable input is labor.When 50 workers are used,the average product of labor is 50 and the marginal product of labor is 75.The wage rate is $80 and the total cost of the fixed input is $500.What is average total cost?

• A)$0.825
• B)$0.63
• C)$1.80
• D)$4.10
• E)none of the above

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Definitions:

Cross-modal Transference

The ability to transfer information gained through one sensory modality to another, enhancing cognitive processing and perception.

Unimodal Identification

The process of recognizing objects, concepts, or sensations based on a single sensory input or modality.

Visual-recognition Memory

The ability to recognize previously encountered visual stimuli, enabling identification and categorization of objects, faces, and patterns.

Linguistic Intelligence

One of Howard Gardner's multiple intelligences, characterized by an individual's ability to use language effectively for communication, expression, and understanding complex meanings.