The corresponding table shows the production and cost Quantity Total Total Number information for a perfectly competitive firm that produced cost revenue of workers produces anvils. 20 12.5 1 10 30 25 2 What is the price of each anvil? 22 43 55 3 32 59 80 4 40 78 100 5 47 90 117.5 6 price per anvil: $ 2.50 53 115 132.5 7 58 143 145 8 Assume the company currently employs 4 workers. If 64 174 160 9 they add one worker so that they have 5 workers, what is the additional worker's marginal (physical) product? marginal product of labor: 35 units Incorrect Assume the company currently employs 2 workers. If they add one worker so that they have 3 workers, what is the additional worker's marginal revenue product?

The corresponding table shows the production and cost Quantity Total Total Number information for a perfectly competitive firm that produced cost revenue of workers produces anvils. 20 12.5 1 10 30 25 2 What is the price of each anvil? 22 43 55 3 32 59 80 4 40 78 100 5 47 90 117.5 6 price per anvil: $ 2.50 53 115 132.5 7 58 143 145 8 Assume the company currently employs 4 workers. If 64 174 160 9 they add one worker so that they have 5 workers, what is the additional worker's marginal (physical) product? marginal product of labor: 35 units Incorrect Assume the company currently employs 2 workers. If they add one worker so that they have 3 workers, what is the additional worker's 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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