The following table shows marginal and average total cost schedules for a perfectly competitive firm. currently, the market price in this industry is $8. output (units) (q) marginal cost (mc) average total cost (atc) 0 -- -- 1 2 12 2 4 8 3 6 5 4 8 8 5 10 8 a profit-maximizing firm will produce 4 units. (enter your response as an integer.) the firm's short-run profit at this level of output is $ (round your response to the nearest penny.)

Highland company produces a lightweight backpack that is popular with college students. standard variable costs relating to a single backpack are given below

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.

Specialization—the division of labor—enhances productivity and efficiency by a) allowing workers to take advantage of existing differences in their abilities and skills. b) avoiding the time loss involved in shifting from one production task to another. c) allowing workers to develop skills by working on one, or a limited number, of tasks. d)all of the means identified in the other answers.