Question: Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 4 workers
Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires workers the firm produces units of output. Fixed costs of production are $ and the variable cost per unit of labor is $ The marginal product of the fifth unit of labor is Given this information, what is the average total cost of production when the firm hires workers?
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