Anthony's Chair Factory currently employs 100 workers, who produce 600 chairs. If Anthony hires a 101st worker, output will rise to 680. What is the marginal product of the 101st worker? O A. 6.73 O B. 8.50 O C. 680 O D. 80Mark's Chair Factory currently employs 50 workers, who produce 600 chairs. If Mark hires a 515i worker: output will rise to 580. What is the average product of the 5151 worker? if) A. so cf) 3. 1.57 cf) {3. 530 cf) 0. 13.33 During the previous month' a firm produced 300 ablet devices at an average variable cost of $39 and at an average fixed cost of $16. During the month' the firm's total costs were 3 . (Enter your response as a whole number.) The diagram displays short-run cost curves for a facility that produces liquid crystal display (LCD) screens for cell phones. a. The daily total fixed costs of producing LCD screens are $ (Round to the nearest cent as needed.) AVC b. The total variable costs of producing 50 LCD screens per day are $ 14.286-....... (Round to the nearest cent as needed.) 14.244-.... c. The total costs of producing 50 LCD screens per day are $ Costs (dollars per LCD screen) 14 -.. (Round to the nearest cent as needed.) d. The marginal cost of producing 50 LCD screens instead of 49 is $ . (Hint: To answer this question, you must first determine the total costs-or, alternatively, the total variable costs-of producing 49 LCD screens.) AFC (Round to the nearest cent as needed.) 49 50 Output (LCD screens per day)Consider the figures to the right. If the firm were to employ an 8th unit of labour, its total product would rise to 385 units of output from 360 units of output. What would be the resulting values of the average 400- product of labour and of the marginal product of labour? OTP 350- The average product of labour would be units of output per unit of labour and the marginal product of labour would be units of output per unit of labour. (Enter your responses rounded to one decimal 300- place.) 250- Total Product (units) 200- 150- 100- 50- Labour Input (worker-weeks) 80- 70- 60- lysical Product (units per worker-week) 50- APP 40-Labor Total Marginal Average Input Product Product Product 14 7 7 7.0 15 7.5 12- 24 8.0 32 8 8.0 NODAWN 10- 39 7.8 45 6 7.5 50 7.1 8- UT MP, AP 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line 'MP' 6- 2.) Using the 4-point curved line drawing tool, draw the average product curve, and label this line 'AP' (For your control points, use 1,3, 4, and 7 units of labor.) C... Carefully follow the instructions above, and only draw the required objects. The marginal cost curve will intersect the average variable cost curve at its point, which 5 6 8 9 10 occurs when total product equals units. Units of LaborThe following table shows the daily relationship between the number of workers and output (Q) for a small factory in the short run, with capital held constant. Each worker costs $100 per day, and the firm has fixed costs of $50 per day. Calculate total cost (TC), marginal cost (MC), and average total cost (ATC). (Round your answers to two decimal places.) Workers Q TC MC ATC 0 0 30 66 A WN . 106 138 152Consider the figure to the right. Suppose that the firm increases its scale of operations from a level consistent with short-run average cost curve SAC, to short-run average cost curve SAC,. Explain what happens with respect to economies or diseconomies of scale. Initially, at the scale consistent with SAC,, the firm was operating along the -sloping portion of its long-run average cost curve, so it experienced scale. After increasing its scale of output to the level consistent with SAC2, the firm now operates along the SAC1 SAC3 -sloping portion of the LAC curve, so it is experiencing scale. LAC Average Cost ($ per unit of output) SAC2 Output (units per time period)