The corresponding table shows the production and cost information for a perfectly competitive firm that produces anvils. Quantity produced 5 10 22 32 40 47 53 58 64 Total cost 20 30 43 59 78 90 115 143 174 Total revenue 12.5 25 55 80 100 117.5 132.5 145 160 What is the price of each anvil? price per anvil: $ Number of workers 1 2 3 4 5 6 units 7 8 9 Assume the company currently employs 8 workers. If they add one worker so that they have 9 workers, what is the additional worker's marginal (physical) product? marginal product of labor: Assume the company currently employs 4 workers. If they add one worker so that they have 5 workers, what is the additional worker's marginal revenue product? marginal revenue product: $_

The corresponding table shows the production and cost information for a perfectly competitive firm that produces anvils. Quantity produced 5 10 22 32 40 47 53 58 64 Total cost 20 30 43 59 78 90 115 143 174 Total revenue 12.5 25 55 80 100 117.5 132.5 145 160 What is the price of each anvil? price per anvil: $ Number of workers 1 2 3 4 5 6 units 7 8 9 Assume the company currently employs 8 workers. If they add one worker so that they have 9 workers, what is the additional worker's marginal (physical) product? marginal product of labor: Assume the company currently employs 4 workers. If they add one worker so that they have 5 workers, what is the additional worker's marginal revenue product? marginal revenue product: $_

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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