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iragen [17]
3 years ago
10

Suppose that for a particular firm the only variable input into the product 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?
Business
1 answer:
natulia [17]3 years ago
4 0

Answer: The correct answer is <u>$150.</u>

Explanation:  

We know that the marginal cost of hiring a third worker is $ 40. And that the average total cost when 3 workers are hired is $ 50. The average total cost formula is:

Average total cost = (total cost) ÷ (number of workers)

Then we solve the equation in 3 steps:

1) $ 50 = X ÷ 3

2) $ 50 × 3 = X

3) $ 150 = X

We can diagram the workers cost chart

Number of workers - Marginal cost - Total cost

              1                -         $60         -     $60

              2               -         $50         -     $110  

              3               -         $40         -     $150

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Answer:

The greatest number of mangoes which are to be taken out at a time from each basket so that both of them emptied simultaneously is the number of mangoes in each basket which is 120 mangoes for one basket and 168 mangoes for the other basket

Explanation:

Given that the number of mangoes in one basket = 120 mangoes

Also, the number of mangoes in another basket = 168 mangoes

The greatest number of mangoes, X and Y that are to taken out from each basket so that both of them will empty simultaneously is found as follows;

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