8. Average and marginal product of laborCaroline's pizza restaurant uses a combination of workers and ovens to produce pizzas. The total number of pizzas produced per hour is given by thefunction q = 4K0.5 10.5, where K is the number of ovens and I is the number of workers. Although the two inputs are relatively substitutable, thenumber of ovens is fixed in the short run, and therefore Caroline is primarily interested in the marginal and average product of labor given her currentnumber of ovens (4).Complete the following table using the production function given.Ovens Workers Pizzas Per Hour Average Productivity(K)(L)(9)4144423411.3113.86Given Caroline's production function, she facesmarginal productivity of workers(q/L)5.664.62MPLreturns to scale. However, you can see that when one input is held constant, theas more and more workers are added.Still holding the number of ovens (K) fixed at 4, it would takeworkers to produce 32 pizzas per hour.

Marginal Productivity of Labor (MPL):Additional output gained by employing one more worker while…

8. Average and marginal product of labor Caroline's pizza restaurant uses a combination of workers and ovens to produce pizzas. The total number of pizzas produced per hour is given by th function q = 4K0.5 10.5, where K is the number of ovens and I is the number of workers. Although the two inputs are relatively substitutable, the number of ovens is fixed in the short run, and therefore Caroline is primarily interested in the marginal and average product of labor given her curr number of ovens (4). Complete the following table using the production function given. Ovens Workers Pizzas Per Hour Average Productivity (K) (L) (9) 4 1 4 4 2 WN 3 11.31 13.86 (9/L) 5.66 4.62 MPL

8. Average and marginal product of labor Caroline's pizza restaurant uses a combination of workers and ovens to produce pizzas. The total number of pizzas produced per hour is given by th function q = 4K0.5 10.5, where K is the number of ovens and I is the number of workers. Although the two inputs are relatively substitutable, the number of ovens is fixed in the short run, and therefore Caroline is primarily interested in the marginal and average product of labor given her curr number of ovens (4). Complete the following table using the production function given. Ovens Workers Pizzas Per Hour Average Productivity (K) (L) (9) 4 1 4 4 2 WN 3 11.31 13.86 (9/L) 5.66 4.62 MPL

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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