A car repair shop hires workers and pays them the federal minimum wage of $7.25. The following table shows the marginal returns to each worker in terms of number of cars repaired.

-Refer to the scenario above. In addition, suppose the fixed cost of operating this shop is $1,000 per day. If 3 workers are hired at the federal minimum wage of $7.25, what is the total cost of this shop?
A) $21.75
B) $1,021.75
C) $1,042.75
D) $3,000
Correct Answer:
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Q2: The following table shows the output and
Q3: The figure below shows cost curves of
Q4: The figure below shows the cost curves
Q5: The figure below shows the marginal cost
Q6: The figure below shows the marginal cost
Q7: The figure below shows the marginal cost
Q8: Define producer surplus. Calculate the producer surplus
Q9: In The Wealth of Nations, Adam Smith
Q10: The following figure shows the cost curves
Q11: The following figure shows the cost curves
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