Question
The corresponding table shows the production and cost information for a perfectly competitive firm that produces anvils. Quantity produced Total cost Total revenue Number of
The corresponding table shows the production and cost information for a perfectly competitive firm that produces anvils.
Quantity produced | Total cost | Total revenue | Number of workers |
---|---|---|---|
5 | 20 | 12.5 | 1 |
10 | 30 | 25 | 2 |
22 | 43 | 55 | 3 |
32 | 59 | 80 | 4 |
40 | 78 | 100 | 5 |
47 | 90 | 117.5 | 6 |
53 | 115 | 132.5 | 7 |
58 | 143 | 145 | 8 |
64 | 174 | 160 | 9 |
What is the price of each anvil?
price per anvil: $
Assume the company currently employs 44 workers. If they add one worker so that they have 55 workers, what is the additional worker's marginal (physical) product?
marginal product of labor: units
Assume the company currently employs 88 workers. If they add one worker so that they have 99 workers, what is the additional worker's marginal revenue product?
marginal revenue product: $
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