## (Solved) I have a homework question: I have a firm in a perfectly competitive market. The firm has just built a plant that costs \$15,000. Each unit of output...

I have a homework question: Â  Â I have a firm in a perfectly competitive market. Â The firm has just built a plant that costs \$15,000. Each unit of output requires \$5 worth of materials. Â Each worker costs \$3 per hour. Â Number of Worker Hours = 25 . Â Quantity (Output) = 100

Based on the information above, calculate the total fixed cost.Â

I understand the formula for TVC to be TVC = Q(l) x P(l) Â (Quantity of labor x Price of labor)Â

I first took the # of worker hours (25) and multiplied by the \$3 rate per hour = Â \$75.00 that is a LONG way from \$575.00
The book says my TVC = \$575.00 but I cannot get this answer. Â Help!

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