Consider the following cost information for a firm that operates;in a perfectly competitive market. The firm uses capital and labor, capital is a fixed input and labor is a variable input. Total amount of fixed cost for capital is $550, and the labor cost PER UNIT is $15.;Q (quantity of output) Units of labor used;30 20;60 30;80 40;90 50;95 60;97 70;If the price of output is $7.5, how many units of output should the firm produce in the short run?
Paper#32886 | Written in 18-Jul-2015Price : $22