Econ 102 Review Exam 3

Econ 102 Review Exam 3 - USE THE FOLLOWING INFORMATION TO...

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USE THE FOLLOWING INFORMATION TO ANSWER QUESTION 1. Table: Labor and Output Quantity of  Workers Total  Output 0 0 1 12 2 22 3 30 4 36 5 40 6 43 7 44 1. Referring to the accompanying table, the marginal product of the 6 th  worker is: a. 6 b. 4 c. 3 d. 1 e. None of the above.
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2. Austin’s total fixed cost is $3,600.  Austin employs 20 workers and pays  each worker $60.  The average product of labor is 30, the marginal  product of the 20 th  worker is 12. What is the marginal cost of the last unit  produced by the last worker Austin hired? a. $0.20 b. $5 c. $240 d. $720 e. None of the above.
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current output level of 100 units per week.  If fixed cost is $1,200 per  week: a. average fixed cost is $20. b. total cost is $3,200. c. variable cost is $2,000. d. average variable cost is $8.
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Econ 102 Review Exam 3 - USE THE FOLLOWING INFORMATION TO...

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