For the next two questions, consider the following table for a profit-max, perfe

ID: 1202343 • Letter: F

Question

For the next two questions, consider the following table for a profit-max, perfectly competitive firm that produces using only labor and capital. You can calculate the values for the table cells with letters in them (though you won't enter all these values on the exam).

Calculate the value for Cell C, total cost with 26 units of labor employed, carefully following all numeric instructions.

Labor Used Quantity Produced Labor Cost Capital Cost Total Cost Marginal Cost 24 1200 $2400 $3000 A --- 25 1800 $2500 $3300 B D 26 2200 $2600 $3600 C E

Explanation / Answer

the value for Cell C, total cost with 26 units of labor employed = Labor cost + Capital Cost = $2600 + $3600 = $6200

So it's $6200

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For the next two questions, consider the following table for a profit-max, perfe

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