Question: 16. Consider the following (short-run) production function relating labor input to output. Note that the firm has fixed inputs, for which it pays $30 regardless

16. Consider the following (short-run) production function relating labor input to output. Note that the firm has fixed inputs, for which it pays $30 regardless of the output level.

Output Labor Marginal Product of Total Total Total Marginal Cost (Q) (hours) Labor Fixed Cost Variable Cost Cost 0 0 $30 40 2 $30 70 4 $30 90 6 $30 100 8 $30 105 10 $30

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