# A firm faces the following costs: total cost of capital = \$1

A firm faces the following costs: total cost of capital = \$1500; price paid for labor = \$14 per lâ€¦ Show more; A firm faces the following costs: total cost of capital = \$1500; price paid for labor = \$14 per labor unit; and price paid for raw materials = \$5 per raw-material unit. a. Suppose the firm can produce 5500 units of output this year by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing the 5500 units of output? Instructions: Round your answers to two decimal places. TC = \$ ATC = \$ b. Now assume the firm improves its production process so that it can produce 6250 units of output this year by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing the 6250 units of output? Instructions: Round your answers to two decimal places. TC = \$ ATC = \$ c. If units of output can always be sold for \$1 each, then by how much does the firmâ€™s profit increase after it improves its production process? Profits are \$ higher. d. Suppose that implementing the improved production process would require a one-time-only cost of \$850. If the firm only considers this yearâ€™s profit, would the firm implement the improved production process? (Click to select) Yes No What if the firm considers its profit not just this year but in future years as well? (Click to select) No Yes; ;

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