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Average Total Cost, Marginal Cost, and ATC
Suppose that the firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of 50th worker is 75. The wage rate is $80 and the total cost of the fixed input is $500.
- What is average total cost?
- What is the marginal cost?
- What can you say about ATC (increasing, decreasing)? What can you say about Marginal Cost (increasing, decreasing)?
A firm uses a single plan with costs C = 160 + 16Q + .1Q 2 and faces the price equation P = 96 - .4Q. The firm's production manager claims that the firm's average cost of production is minimized at an output of 40 units.
Jermaine has a health insurance policy that has a deductible of $1,000, a $10 copayment on doctor visits, and coinsurance of 10% on all expenses other than those for which there are copayments.
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