the corresponding table shows the production and cost information for a perfectl

Question

the corresponding table shows the production and cost information for a perfectly competitive firm that produces anvils Sapling Learning The corresponding table shows the production and cost information for a perfectly competitive firm that produces anvils What is the price of each anvil? Quantity Total Cost Total Number of Revenue Workers 12.5 25 Number 5 10 43 59 78 32 40 47 53 58 64 80 100 Assume the company currently employs 4.0 workers. If they add one worker so they have 5.0 workers, what is the additional workers marginal (physical) product? 115 143 174 132.5 145 160 Units Assume the company currently employs 7.0 workers. If they add one worker so they have 8.0 workers, what is the additional workers marginal revenue product? Number Previous Check Answer 0 Next Exit ?Hint

Explanation / Answer

in perfect competitive market = P =MR

a) so,the price of each anvil = $2.5

b) additional marginal physical product = 40 -32 / 5- 4

additonal marginal physical product = 8 units

c) additional workers marginal revenue product = 145 - 132.5 / 8- 7

additional workers marginal revenue product = $12.5

Quantity MC MR 5 -- -- 10 2 2.5 22 1.08 2.5 32 1.6 2.5 40 2.3 2.5 47 1.7 2.5

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