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.© BrainMass Inc. brainmass.com March 4, 2021, 6:19 pm ad1c9bdddf
Total Daily Cost = wL +rK or 100*70 + 500 = $7500 per day
this comes from the fact that you pay a ...
A firm's total costs and other calculations are presented.