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Economics

A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000.

a. What is the marginal product of labor?

b. When output is 4,000 units what happens to the average variable cost and the average total cost?

Please show all work steps and thorough explanations

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91231923

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