Asked by Jared Bernardi on May 07, 2024
Verified
(Table: Workers and Output) Use Table: Workers and Output.After graduation,you achieve your dream of opening an art shop that specializes in selling mud statues.You pay $10 per day on a loan from your uncle,regardless of how much you produce.You also pay $10 per day to each of the workers who you hire to make the mud statues.The total cost of producing 25 statues is:
A) $10.
B) $20.
C) $25.
D) $30.
Total Cost
The sum of all costs associated with the production of goods or services, including fixed and variable costs.
Mud Statues
Sculptures or figures crafted from mud, often associated with certain cultural traditions or artistic practices.
Variable Cost
Outlays that adjust in accordance with the volume of production or output, like materials and labor costs.
- Calculate the sum total, variable, and marginal charges based on the data provided.
Verified Answer
AI
Afraa Iman YusufMay 12, 2024
Final Answer :
D
Explanation :
The total cost of producing 25 statues includes the fixed cost of the loan ($10) and the variable cost of labor. Since the question does not specify the number of workers or the cost per statue, we assume the cost given directly relates to the scenario of producing 25 statues. Therefore, the total cost includes both the fixed loan cost and the payment to workers, leading to a total of $30, assuming the information provided directly correlates to the cost for 25 statues without specifying labor costs per statue.
Learning Objectives
- Calculate the sum total, variable, and marginal charges based on the data provided.
Related questions
(Table: Output and Costs)Use Table: Output and Costs ...
(Table: Workers and Output)Use Table: Workers and Output ...
(Table: Workers and Output)Use Table: Workers and Output ...
(Table: Workers and Output)Use Table: Workers and Output ...
(Table: Costs of Producing Bagels)Use Table: Cost of Producing Bagels ...