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The firm currently uses 70 workers to produce 300 units of putput 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 not 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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Determine the fixed cost/day/

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Total wages per day= 70*100 = $7000
Daily variable input cost = ...

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