A firm currently uses 50,000 workers to produce 120,000

A firm currently uses 50,000 workers to produce 120,000

A firm currently uses 50,000 workers to produce 120,000 units of output per day. The daily wage per worker is $100, and the price of the firm's output is $48. The cost of other variable inputs is $400,000 per day. (Note: Assume that output is constant at the level of 120,000 units per day.)Assume that total fixed cost equals $900,000. Calculate the values for the following four formulas:• Total Variable Cost = (Number of Workers x Worker’s Daily Wage) + Other Variable Costs• Total Costs = Total Variable Costs + Total Fixed Costs• Total Revenue = Price * Quantity• Average Variable Cost = Total Variable Cost / Units of Output per Day• Average Total Cost = (Total Variable Cost + Total Fixed Cost) / Units of Output per Day
 
 

"You need a similar assignment done from scratch? Our qualified writers will help you with a guaranteed AI-free & plagiarism-free A+ quality paper, Confidentiality, Timely delivery & Livechat/phone Support.

Discount Code: CIPD30

Click ORDER NOW..