The following table provides information about Pottery Inc. The wage rate per worker per hour is...

 

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The following table provides information about Pottery Inc. The wage rate per worker per hour is $10 and the cost of machine per hour is $20 per hour. Using the given information complete the table. (8) Number of Workers 1 2 3 4 5 6 Number of Machines a. 2 2 2 2 2 2 Output (Pots produced per hour) 20 40 55 65 70 72 Marginal Product of Labor Cost of Workers Cost of Machines Total Cost If Pottery Inc. produces at a rate of 70 pots per hour and operates 8 hours per day, what is Pottery Inc.'s total labor cost per day? b. Suppose Pottery Inc. operates in a perfectly competitive market. If the price of a pot is $2, find out the profit maximizing output and economic profit. The following table provides information about Pottery Inc. The wage rate per worker per hour is $10 and the cost of machine per hour is $20 per hour. Using the given information complete the table. (8) Number of Workers 1 2 3 4 5 6 Number of Machines a. 2 2 2 2 2 2 Output (Pots produced per hour) 20 40 55 65 70 72 Marginal Product of Labor Cost of Workers Cost of Machines Total Cost If Pottery Inc. produces at a rate of 70 pots per hour and operates 8 hours per day, what is Pottery Inc.'s total labor cost per day? b. Suppose Pottery Inc. operates in a perfectly competitive market. If the price of a pot is $2, find out the profit maximizing output and economic profit. The following table provides information about Pottery Inc. The wage rate per worker per hour is $10 and the cost of machine per hour is $20 per hour. Using the given information complete the table. (8) Number of Workers 1 2 3 4 5 6 Number of Machines a. 2 2 2 2 2 2 Output (Pots produced per hour) 20 40 55 65 70 72 Marginal Product of Labor Cost of Workers Cost of Machines Total Cost If Pottery Inc. produces at a rate of 70 pots per hour and operates 8 hours per day, what is Pottery Inc.'s total labor cost per day? b. Suppose Pottery Inc. operates in a perfectly competitive market. If the price of a pot is $2, find out the profit maximizing output and economic profit. The following table provides information about Pottery Inc. The wage rate per worker per hour is $10 and the cost of machine per hour is $20 per hour. Using the given information complete the table. (8) Number of Workers 1 2 3 4 5 6 Number of Machines a. 2 2 2 2 2 2 Output (Pots produced per hour) 20 40 55 65 70 72 Marginal Product of Labor Cost of Workers Cost of Machines Total Cost If Pottery Inc. produces at a rate of 70 pots per hour and operates 8 hours per day, what is Pottery Inc.'s total labor cost per day? b. Suppose Pottery Inc. operates in a perfectly competitive market. If the price of a pot is $2, find out the profit maximizing output and economic profit.