Illustrate what is standard inconsistent cost

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Reference no: EM1323009

Q. Assume which a industry's only inconsistent input is labor. When 50 workers are utilized, the labor is 50 also the marginal product of the 50th worker is 75. The income rate is $80 also the total cost of the fixed input is $500.

a. Illustrate what is standard inconsistent cost? Demonstrate your calculations.

b. Illustrate what is the marginal cost? Demonstrate your calculations.

c. Illustrate what is standard total cost? Demonstrate your calculations.

d. Is every of the subsequent statements true or false? Explain your answers.

a. Marginal cost is increasing

b. Standard inconsistent cost is increasing

c. Standard total cost is decreasing

Reference no: EM1323009

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