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Question: 1. The following table displays some information about a firm's costs of production. Please fill ...

Question: 1. The following table displays some information about a firm's costs of production. Please fill ...

Question: 1. The following table displays some information about a firm's costs of production. Please fill ...

Question: 1. The following table displays some information about a firm's costs of production. Please fill ...

Show transcribed image text 1. The following table displays some information about a firm's costs of production. Please fill in the missing columns with the correct values. Avg. Avg. Number Total Fixed Variable Total Fixed Variable Marginal Workers Quantity MPL Cost Costs Costs Cost Cost Cost Cost $2,000 $2,000 $0 $0 $0 $0 1 30 $2,200 $2,000 $200 2 42 $2,400 $2,000 $400 3 52 $2,600 $2,000 600 4 60 $2,800 $2,000 $800 67 $3,000 $2,000 $1,000 $3,200 $2,000 1,200 $3,400 $2,000 $1,400 2. If the firm from question 1 is able to sell its product for $30, how many workers should it hire? a. 3 b. 4, c. 5 d. 6 3. When the marginal productivity of workers declines as more workers are added, this is known as a. Inefficiency b. Diminishing marginal product c. Increasing returns to scale d. Profitability 4. Does the firm in question 1 face diminishing marginal productivity of labor? a. es b. No 5. Returns to scale is a concept that describes the relationship between quantity of output and average total cost. Which type of returns to scale does the firm in Question 1 face over the range covered in the table? a. Diseconomies of scale b. Constant returns to scale c. Economies of scale

1. The following table displays some information about a firm's costs of production. Please fill in the missing columns with the correct values. Avg. Avg. Number Total Fixed Variable Total Fixed Variable Marginal Workers Quantity MPL Cost Costs Costs Cost Cost Cost Cost $2,000 $2,000 $0 $0 $0 $0 1 30 $2,200 $2,000 $200 2 42 $2,400 $2,000 $400 3 52 $2,600 $2,000 600 4 60 $2,800 $2,000 $800 67 $3,000 $2,000 $1,000 $3,200 $2,000 1,200 $3,400 $2,000 $1,400 2. If the firm from question 1 is able to sell its product for $30, how many workers should it hire? a. 3 b. 4, c. 5 d. 6 3. When the marginal productivity of workers declines as more workers are added, this is known as a. Inefficiency b. Diminishing marginal product c. Increasing returns to scale d. Profitability 4. Does the firm in question 1 face diminishing marginal productivity of labor? a. es b. No 5. Returns to scale is a concept that describes the relationship between quantity of output and average total cost. Which type of returns to scale does the firm in Question 1 face over the range covered in the table? a. Diseconomies of scale b. Constant returns to scale c. Economies of scale