Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Estella decides to set up a lemonade stand on a hot summer day. Before long, Estella's friends all decide they would like to
help. The table below shows what happens to the number of glasses of lemonade Estella and her friends can make in an hour.
Instructions: Round your answers to 1 decimal places. If you are entering a negative number include a minus sign.
Lemonade Stand's Labor and Production Levels
Labor
(workers)
Total
Average
Product
Marginal
Product
Product
1 (Estella)
13
22
es
3
27
4
28
24
a. Complete the average product and marginal product columns in the table above.
b. How many additional glasses of lemonade can Estella produce if she has one friend help her make lemonade instead of making
lemonade by herself?
glasses
c. How many additional glasses of lemonade can Estella produce if she has four friends help her rather than having three friends
help her?
glasses
d. If Estella has four friends help her, on average how many glasses of lemonade can her and her friends make per hour?
glasses
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