A firm produces 200 units hourly with $150 in labor costs an hour, $80 in materials costs an hour, and a fixed cost that...
A firm produces 200 units hourly with $150 in labor costs an hour, $80 in materials costs an hour, and a fixed cost that works out to $20 per hour.
First, what are this firm's hourly variable and total costs?
a. VC=$1.15, TC=$1.25
b. VC=$150, TC=$170
c. VC=$170, TC=$250
d. VC=$230, TC=$250
Homework Answers
Answer
Option d
d. VC=$230, TC=$250
Total cost =fixed cost +variable cost
variable cost =labor cost +material cost
=150+80
=$230
TC=20+230=$250
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