A firm produces 1000 units per week. It hires 10 full-time workers (40 hours/week each) at an hourly wage of $20 . Raw materials costs $5 per unit. Rent for the factory is $1,500 per week. What are the overall costs for the week?
a. total variable cost is $5,000 . total fixed cost is $1,500; total cost is $6,500
b. total variable cost is $13,000 . total fixed cost is $9,500; total cost is $22,500
c. total variable cost is $13,000 . total fixed cost is $1,500; total cost is $14,500
d. total variable cost is $5,000 . total fixed cost is $9,500; total cost is $14,500
c
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In the above figure, starting at E3, if there is an increase in technology that causes a permanent increase in production capabilities
A) aggregate supply would shift to SRAS0 and LRAS1 would shift to LRAS0. B) aggregate supply would shift to SRAS2 and LRAS0 would shift to LRAS1. C) aggregate supply would shift to SRAS1 and LRAS0 would shift to LRAS1. D) aggregate supply would shift to SRAS1 and then return to SRAS0.
Which of the following is NOT a reason people tolerate tariffs and quotas?
A) Ignorance B) Their personal jobs depend on tariffs and quotas. C) Costs may be hidden and hard to quantify. D) Costs of the policy are spread over a large number of people. E) The marginal expenses to fight the protection outweigh the personal marginal costs of the protection.
If a monopoly firm reduced the price of its product, which of following must have been true?
A. MR > MC B. MR < MC C. MR > AR D. MC > AR
When Carvana sold stock to the public in its IPO, it did so through the New York Stock Exchange. This is an example of Carvana using ________ to raise funds
A) indirect finance B) direct finance C) bonds D) corporate governance