Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10 . The marginal product of the seventh unit of labor is 4 . Given this information, what is the average variable cost of production when the firm hires

Which is NOT true of Globalization

A. it refers to increasing economic and cultural interdependency amongst countries B. it results in the financial ruin of some countries C. it potentially increases economic well-being among all countries involved D. it results in increasing competition, specialization, transmission of ideas.

Would a business be expected to survive in the long run if it earned a positive accounting profit but a negative economic profit? Explain

What will be an ideal response?