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?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text: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?
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