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1. Determine the appropriate numbers for the lettered spaces: (3) (4) (1) Workers (2) Wage Rate Total Labor Cost $12.00 24.20
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Answer #1
Workers((L) Wage Rate($) Total Labor cost($) Marginal Factor cost($)=∆TLC/∆L
1 12.00 [i.e., 12.00 / 1] 12.00 12.00
2 12.10 24.20 12.20 [i.e., 24.20 - 12.00]
3 12.20 36.60 [i.e., 12.20 * 3] 12.40 [i.e., 36.60 - 24.20]
4 12.30 [i.e., 49.20 / 4] 49.20 [i.e., 36.60 + 12.60] 12.60
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