Cost schedule Labor (workers) (units per day)(dollars) Total variable cost (doll
ID: 1104780 • Letter: C
Question
Cost schedule Labor (workers) (units per day)(dollars) Total variable cost (dollars) Output Total fixed cost 20 20 20 20 20 20 4 50 13 16 18 100 125 4 14) Using the data in the above table, when output increases from 16 to 18 units, the marginal cost of one of those units is A) $6.25 B) $4.25 C) $12.50 D) $4.00. 15) The above table shows a firm's A) long-run costs. B) short-run and long-run costs C) short-run costs. D) More information is needed to determine if the costs are long-run costs or short-run costs. 16) In the above table, the total cost of producing 13 units of output is A) $95 B) $75 C) $20 D) $30Explanation / Answer
Q14
Answer
Option C
The marginal cost of n th unit=total variable cost of n units -total variable cost of p units)/(n-p)
where n>p
MC=(125-100)/(18-16)=12.5
Q15
Option C
Short run costs because the table consists of fixed cost, long-run cost does not have the fixed cost.
Q16
TC=FC+VC=20+75=95
Option A
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