Need some help on Principles of Microeconomics.
The following are the questions I need help in. NEED IN 4 HOURS.
19. In order to produce 100 pairs of oven gloves, Marcia incurs an average cost of $2.50 per pair. Marcia’s marginal cost is constant at $10.00 for every pair of oven gloves produced. The total cost to produce 50 pairs of oven gloves is.
16. In a free market economy, firms operating in a perfectly competitive industry are said to have only one major choice to make. Which of the following correctly sets out that choice?
A) What quantity of labor is needed
B) What quantity to produce
C) What price to charge
D) What quality to produce
11. Why would labor be treated as a variable cost?
A) Labor costs are an input cost that firms are unable to change in the short run
B) Producing larger quantities of a good or service generally requires more workers
C) They are costs incurred in the act of producing that will decrease with quantity produced
D) They are made before production starts and vary according to the specific line of business
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