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: $_

O Macmillan Learning One feature of production in the short run is diminishing marginal returns. The graph shows a total product curve for Barry's Ball Bearings. Identify the sections of the graph that illustrate increasing (IMR), diminishing, (DMR) and negative marginal returns (NMR). Output per hour 13 12 11 10 9 8 7 6 5 4 3 2 1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Labor units IMR Answer Bank DMR NMR

The total cost of Mr plow a snow removal business is given in the table below

shows the long-run average costs for three firms. Quantity Ali's Hats 1 2 3 4 5 6 7 $110 60 90 115 150 220 300 Bodi's Bats $110 80 70 70 70 70 90 Cody's Mats $110 90 80 70 50 20 30 a) In which industry, Hats, Bats or Mats, would there likely be many small firms? Industry: (Click to select) · b) In which industry, Hats, Bats or Mats, would there likely be firms of many different sizes? Industry: (Click to select) - c) Which industry Hats Bats or Mats, would likely be dominated by a few large firms? Industry (Click to select) Hats Bats Mats

The table below shows ABC firm short-run production function.  The company hires workers at a wage rate of $400 a day and his total fixed cost is $1000. Labor (workers) Total product (output) 0 0 1 12 2 25 3 30 4 44 5 50   Calculate the average total cost of producing 25  Calculate total cost of producing 47 units.  Calculate average variable cost if 30 units are produced.  Calculate the marginal product of producing 44 units.  Calculate average product of the 4th worker

Question When do firms decide to shut down production in the short run? Explain it. How is the short run average cost curve and the long run average cost curve shaped? What is the difference between them? Graphical representation of the short-run total cost curve showing total cost, fixed cost, variable cost: and  The marginal cost and average total cost:

Consider the same firm from the Monday assignment but now let's call that cost schedule total variable cost. Q            1               2               3                4                 5                6                7                   8                    9 TVC        12            20            24              28              34             42            52                 64                 78 And let's imagine that there is fixed costs of 18 which is sunk in the short run. a. Show this firm's average total cost, average variable cost and marginal cost on a graph.  Indicate the efficient scale (I don't think the book uses the words "efficient scale" but it's the quantity where profit would be zero when P=MC. We will discuss what I mean by "efficient scale but probably not before Thursday. By "indicate" I mean give the quantity and MC. I don't need every point to be exactly to scale, I just care about the general shape of the curves, where things cross and the location and…

Use the following table to answer the next question. Output 0 1 2 3 4 5 Total Cost $5 9 12 15 20 27 The average total cost of producing 4 units of output is $ type your answer... Marginal cost is equal to average total cost between type your answer... and type your answer... units of output.

The table below shows the weekly cost of producing cowboy hats. Complete the table by filling in the missing values. Instructions: Round your answers to 1 decimal place. Cowboy Hat Production Costs Total Fixed Cost (dollars) $2,000 Total Variable Cost (dollars) Total Cost (dollars) $2,000 Average Fixed Cost (dollars) Average Variable Cost (dollars) Average Total Cost (dollars) Output $0 10 300 24 $4 $230 20 2,460 23 123 30 660 66.7 22 40 2,900 72.5 50 1,200 24

Please answer all parts and show your work!