Use the following to answer questions 4-8:
-If hiring the 4th worker increases total product by 50 units and the price of each unit is $15,
A) the firm should not hire the 4th worker as MB<MC
B) marginal revenue equals $150
C) the firm should hire the 4th worker as MB>MC
D) the firm should not hire the 4th worker as MB<TC
Correct Answer:
Verified
Q1: Use the following to answer question
Q15: If AVC=$5 and AFC=15,then ATC=
A)$10
B)$5
C)$15
D)$20
Q17: A firm produces 1000 units per week.It
Q17: Total costs increase from $1,500 to $1,800
Q18: What is the average total cost of
Q20: Use the following to answer questions 4-8:
Q21: Use the following to answer questions 11-16:
Q22: Marginal cost is the _ cost of
Q23: A firm is thinking of hiring an
Q24: Use the following to answer questions 11-16:
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