Assume… Show more Marginal revenue is equal to product price if this firm is in a perfectly competitive market. Assume marginal revenue and price are both equal to $25. The firm’s fixed cost is equal to $76 per day.. The daily payroll cost is $64 Complete the missing values in the table. Labor Output Fixed Cost Variable Cost Total Cost Marginal Cost $76 Complete the missing values in the table. Labor Output Fixed Cost Variable Cost Total Cost Marginal Cost 0 0 $76 $0 $_____ 1 3 $_____ $_____ $_____ $_____ 2 8 $_____ $_____ $_____ $_____ 3 15 $_____ $_____ $268 $_____ 4 20 $_____ $256 $_____ $12.80 5 22 $_____ $_____ $_____ $_____ Output should always be increased as long as marginal product is rising or marginal cost is falling. Once marginal cost begins to rise, reflecting the law of diminishing returns, output should be increased only if marginal revenue exceeds marginal cost. Should output be increased from 15 to 20 (should the 4th worker be hired)? Use the marginal approach to explain why or why not. Should output be increased from 20 to 22 (should the 5th worker be hired)? Use the marginal approach to explain why or why not. Calculate profit assuming output is 15 (show your work): Calculate profit assuming output is 20 (show your work): Calculate profit assuming output is 22 (show your work): How many workers should you employ and how much output should be produced each day (assuming the firm’s goal is to maximize profit)? Please be detailed with the answers or NO POINTS WILL BE AWARDED, I Have my answers, but I would like to compare to see if Im wrong with mine • Show less