Author Question: The following data show the total output for a firm when different amounts of labour are combined ... (Read 29 times)

kmcolvin · **on:** Oct 12, 2022

Question 1

The relationship between factors of production used in the production process and the resulting output is called a(n)
◦ production boundary.
◦ cost function.
◦ production function.
◦ consumption possibilities boundary.
◦ economic function.

Question 2

The following data show the total output for a firm when different amounts of labour are combined with a fixed amount of capital. Assume the wage per unit of labour is $10 and the cost of the capital is $50.

Labour per period	Total output per period
0	0
1	10
2	30
3	90
4	132
5	150

TABLE 7-3

Refer to Table 7-3. The average variable cost when this firm is producing 90 units of output is
◦ 98 cents.
◦ 68 cents.
◦ 17 cents.
◦ 89 cents.
◦ 33 cents.

Jim457 · **Reply #1 on:** Oct 12, 2022

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