-The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the total cost of producing 70 units?
A) $1,700
B) $1,900
C) $2,100
D) $2,300

Question

-The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the total cost of producing 70 units?
A) $1,700 
B) $1,900 
C) $2,100 
D) $2,300

Quizplus · Accepted Answer

To produce 70 units, determine the number of labor units needed from the total product schedule. Multiply the number of labor units by the price of labor ($500) and add the total fixed costs ($600) to find the total cost.

-The Table Above Gives a Firm's Total Product Schedule