If this firm were to boost its output to 12 units of output and thereby raise its total variable costs to $54, what would be the resulting average fixed cost, average variable cost, average total cost, and marginal cost?

Suppose that the firm boosts its scale of operations from a level consistent with short-run average cost curve ${\mathrm{SAC}}_3$ to shortrun average cost curve ${\mathrm{SAC}}_5$. Explain what happens with respect to economies or diseconomies of scale.

Explain the short-run cost curves a typical firm faces.

The short-run production function for a manufacturer of portable power banks is shown in the table below. Based on this information, answer the following questions.

a. Calculate the average product at each quantity of labor.

b. Calculate the marginal product of labor at each quantity of labor.

c. At what point does marginal product begin to diminish?

If the firm were to employ an 8th unit of labour, its total product would rise to 380 units of output. What would be the resulting values of the average product of labour and of the marginal product of labour?

There is an old saying that "two heads are better than one. "Why might this saying be more likely to hold true in producing output when the two heads involved are acquainted and have experience with tasks than when they seek to produce output after randomly getting together?