Erica leases a farmer's field for $100 a day and grows melons. She pays students $70 a day to pick melons and she leases capital at $20 a day. The table gives the daily output and total cost. What is the marginal cost of picking a melon when the quantity increases from 0 to 60 melons a day? The marginal cost of picking a melon when the quantity increases from 0 to 60 melons a day is \$ $\boxed{}$ Answer to 2 decimal places. Labor (students) | Total product (melons per day) | Total cost (dollars per day) ---|---|--- 0 | 0 | 120 1 | 60 | 190 2 | 130 | 260 3 | 210 | 330 4 | 310 | 400 5 | 395 | 470 6 | 470 | 540 7 | 535 | 610
Added by Susana T.
Close
Step 1
The total cost when 60 melons are picked is $190. Show more…
Show all steps
Your feedback will help us improve your experience
Andrew Davis and 89 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
When the firm uses 100 units of labor, what is marginal cost at this level of output? Multiple Choice $25 $33.33 $90 $180
Andrew D.
Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information, what is the marginal cost of production when the firm hires the 7th worker? a. $10 b. $5 c. $1.50 d. $2.50
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD