Author Question: The following data show the total output for a firm when specified amounts of labour are combined ... (Read 18 times)

lol1012 · **on:** Oct 12, 2022

Question 1

A firm that is maximizing its profits by producing a certain level of output must also be
◦ minimizing its variable costs.
◦ maximizing its sales.
◦ maximizing its revenue.
◦ minimizing its cost of producing that output.
◦ maximizing its output.

Question 2

The following data show the total output for a firm when specified amounts of labour are combined with a fixed amount of capital. When answering the questions, you are to assume that the wage per unit of labour is $25 and the cost of the capital is $100.

Labour per unit of time	Total output
0	0
1	25
2	75
3	175
4	250
5	305

TABLE 7-4

Refer to Table 7-4. Average fixed costs for 305 units of output is approximately
◦ 41 cents.
◦ 74 cents.
◦ 45 cents.
◦ 33 cents.
◦ $3.05.

jbsuccess1 · **Reply #1 on:** Oct 12, 2022

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