1 answer

Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day.

Question:

Suppose that the price of labor, the only variable input used in production, increases from $100 to $120 per day. The effect on costs will be:

a parallel shift in the total cost curve

a parallel shift in the fixed cost curve

a parallel shift in the marginal cost curve

a shift in total cost by different amounts for different quantities


Answers

Answer

Option 4

a shift in total cost by different amounts for different quantities

The increase in the wage increases total costs but by different amounts so it shifts up but different for different quantities and the same is true for marginal cost curve as the MC, ATC, and AVC are not linear always so the shift is not parallel

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