Exam 11: Output and Costs

Table 11.2.1 -Refer to Table 11.2.1 which gives Tania's total product schedule. The marginal product when the firm increases the number of workers from 3 to 4 per day is

Use the figure below to answer the following questions. Figure 11.4.2 -Refer to Figure 11.4.2, which illustrates the short-run average total cost curves for four different plant sizes. Which plant has the lowest average total cost for an output rate of 5 sweaters a day?