A moving company has $20 in fixed costs per day and pays an hourly wage of $10 per worker.The moving company is paid $80 for each room of furniture it moves.The daily production function of the firm is as follows: 
(A)Calculate marginal cost and average total cost for this typical firm.
(B)How many rooms of furniture will this firm move in the short run? What are the profits or losses of the firm?
(C)What will be the long-run adjustment in this industry? What will be the long-run price and output for a typical firm in this industry?
Definitions:
Matched Designs
A research method in which participants are paired or grouped based on similarities in key characteristics to control for those variables in an experiment.
Correlational Experiments
Research methods that examine the relationship or correlation between two or more variables without manipulation by the experimenter.
Psychological Effects
The impact on an individual's thoughts, feelings, and behaviors resulting from various stimuli or experiences.
Natural
Existing in or derived from nature; not made or caused by humankind.
Q11: The president and Congress typically settle on
Q26: Explain the difference between profit and producer
Q32: A competitive firm should shut down when
Q33: Reinflation causes<br>A)a temporary boom.<br>B)a price shock.<br>C)an increase
Q70: Which of the following statements is false?<br>A)Given
Q75: A shortage or a surplus always exists
Q80: In which of the following years was
Q129: Producer surplus equals profits<br>A)plus the sum of
Q147: The long run is a period<br>A)that affects
Q151: Total profit is price times quantity.