I'd like help on part b, d, and e 3. Schmitt's Bakery sells cookies in a perfectly competitive market and hires workers from a perfectly competitivelabor market. Labor is the only variable input for Schmitt's Bakery. The table below shows the workers hiredper day, quantity of cookies produced per day, and total costs per day for Schmitt's Bakery. The price of acookie is $0.50.Quantity ofCookiesNumber ofTotal CostWorkers Hired$10145$25105$403145$554180$705195$856.200$100(a) When the firm hires the third worker, does it experience diminishing marginal returns?(b) What is the marginal revenue product of the third worker?(c) Based on the figures in the table above, what is the wage rate?(d) What is the profit-maximizing number of workers?(e) If the demand for cookies increases, will Schmitt's Bakery hire more, fewer, or the same number ofworkers? Explain.

We are going to calculate Marginal Revenue Product and Profit maximizing labor count to answer this…

3. Schmitt's Bakery sells cookies in a perfectly competitive market and hires workers from a perfectly competitive labor market. Labor is the only variable input for Schmitt's Bakery. The table below shows the workers hired per day, quantity of cookies produced per day, and total costs per day for Schmitt's Bakery. The price of a cookie is $0.50. Number of Total Cost Quantity of Cookies Workers Hired $10 1 45 $25 2 105 $40 3 145 $55 4 180 $70 5 195 $85 6 200 $100 (a) When the firm hires the third worker, does it experience diminishing marginal returns? (b) What is the marginal revenue product of the third worker? (c) Based on the figures in the table above, what is the wage rate? (d) What is the profit-maximizing number of workers? (e) If the demand for cookies increases, will Schmitt's Bakery hire more, fewer, or the same number of workers? Explain.

3. Schmitt's Bakery sells cookies in a perfectly competitive market and hires workers from a perfectly competitive labor market. Labor is the only variable input for Schmitt's Bakery. The table below shows the workers hired per day, quantity of cookies produced per day, and total costs per day for Schmitt's Bakery. The price of a cookie is $0.50. Number of Total Cost Quantity of Cookies Workers Hired $10 1 45 $25 2 105 $40 3 145 $55 4 180 $70 5 195 $85 6 200 $100 (a) When the firm hires the third worker, does it experience diminishing marginal returns? (b) What is the marginal revenue product of the third worker? (c) Based on the figures in the table above, what is the wage rate? (d) What is the profit-maximizing number of workers? (e) If the demand for cookies increases, will Schmitt's Bakery hire more, fewer, or the same number of workers? Explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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