In order to compute the total cost of production when labor is the only variable,we need only need to know the quantities of labor and the current wage rate.

Question

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To compute the total cost of production, even when labor is the only variable, we also need to know any fixed costs (such as rent, utilities, or equipment that does not change with the level of output) in addition to the variable costs of labor (quantities of labor and the current wage rate).

In Order to Compute the Total Cost of Production When