The marginal resource cost of a resource measures the extra cost incurred by one more unit of the resources hired. true or false

Labor Output Fixed Cost Variable Cost (Number of workers) (Units) (Dollars) |(Dollars) 30 1 100 30 30 15 2 180 30 3 240 30 45 4 280 30 60 300 30 75 Refer to the table above, the total cost curve is increasing at an increasing rate. decreasing at a decreasing rate. increasing at a decreasing rate. increasing at a constant rate.

A firm is producing 20 units with an average total cost of $25 and marginal cost of $15. If it were to increase production to 21 units. Find the total cost?

A company's marginal cost function is MC(x) (given below), where x is the number of units. Find the total cost of the first hundred units (x = 0 to x = 100). (Round your answer to the nearest cent.) MC(x) = 2e-0.02x $86.46 Need Help? Read It

If we have information about workers’ marginal products, then total and average product can be found by dividing marginal costs by the number of workers. multiplying the average marginal product times the number of workers. summing the marginal values to find the total, and multiplying it times the number of workers to get the average. summing the marginal values to find the total, and dividing it by the number of workers to get the average.

Explicit cost is = $900 Implicit cost = $333 Find the economic profit???

How does labor influence marginal product? There's the saying "the more the merrier," but is this always the case? Can you think of a scenario in which too much labor would decrease output? Share personal experiences where additional labor either helped or hurt productivity.

Determine whether each of the following is an explicit cost or an implicit cost :a. Payments for labor purchased in the labor market b. A firm’s use of a warehouse that it owns and could rent to another firm c. Rent paid for the use of a warehouse not owned by the firm d. The wages that firm owners could earn if they did not work for themselves

The next 3 questions refer to the following: Labour Output 0 0 of 2 10 4 stion 26 6 46 8 65 10 72 12 80 14 86 Marginal Product when the number of workers increases from 2 to 4 workers is Marginal Product is maximized when the firm hires workers. Average Product is maximized when the firm hires workers. units.

If the marginal product of labor increases because of a technological advancement, it will likely cause a fall in the number of workers employed. an increase in the price of output produced by labor. a fall in the wage paid to labor. an increase in demand for labor. an increase in the supply of labor.