The corresponding table shows the production and cost information for perfectly competitive firm that produces anvils.
Quantity produced: 10 22 32 40 47 53 58 64
Total cost: 20 30 43 59 78 90 115 143 174
Total revenue: 25 55 80 100 117.5 132.5 145 160
Number of workers: 1 2 3 4 5 6 7 8
What is the price of each anvil?
price per anvil: $ 2.50
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 (physical) product?
marginal product of labor: 7 units
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?