Closely associated with the latest also better goods

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Reference no: EM1319395

Q1. Assume to the firm's only variable input is labor. When 50 workers are utilized the average product labor is 50 also the marginal product of labor is 75. The wage rate is $80 also the total cost of the fixed input is $500.

Illustrate what is the average variable cost
Illustrate what is the marginal cost?
Illustrate what is the average total cost?

Q2. That term would be most closely associated with the ‘latest also better goods also services also latest also better ways of producing also distributing them ‘?

Reference no: EM1319395

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