Suppose a Firm Is Hiring 20 Workers at a Wage

question 12

Multiple Choice

Suppose a firm is hiring 20 workers at a wage rate of $60.The average product of labor is 30,the last worker added 12 units of output,and total fixed cost is $3,600.What is marginal cost?

• A)$.20
• B)$5
• C)$240
• D)$720
• E)none of the above

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Definitions:

Least Developed Nations

Countries that meet criteria based on income, human assets, and economic vulnerability, recognized as being the most economically and socially challenged globally.

Productivity Growth

An increase in the efficiency of production, often measured as output per unit of input over time.

1990s

A decade characterized by significant technological advancements, economic globalization, the end of the Cold War, and cultural shifts in music, fashion, and entertainment.

1970s

A decade marked by significant social, political, and economic changes around the world, spanning from 1970 to 1979.