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    firm's total costs

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    Can you provide some insight to the following:

    The firm currently uses 70 workers to produce 300 units of output per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is $500 per day. Although you don't know the firm's fixed cost, you know that it is high enough that the firm's total costs exceed its total revenue.

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    Total Daily Cost = wL +rK or 100*70 + 500 = $7500 per day
    this comes from the fact that you pay a ...

    Solution Summary

    A firm's total costs and other calculations are presented.