2. Inputs and outputsAliyah's Pizzas is a takeout-only pizza parlor servicing the college campus of Madison that specializes in vegan pizzas. Allyah's small shop has barelyenough room for customers to stand and wait, let alone the four pizza ovens necessary to keep up with the hungry student customers. Allyah signed alease renting both the four ovens and the storefront for the next year. Due to the terms of the lease and the building's size constraint, Allyah is unableto change the store's number of pizza ovens in the short run.However, Allyah does face a decision regarding the number of employees to schedule on a weekly basis. Every Sunday, Aliyah contacts the staff tocommunicate the amount of workers needed on each day of the upcoming week. In the short run, the store employees are variable inputs, andpizza ovens are fixed Inputs,The following table presents Allyah's daily production schedule.Fill in the blanks to complete the Marginal Product of Labor column for each worker.LaborOutput Marginal Product of Labor(Number of workers) (Pizzas) (Pizzas)QUANTITY OF OUTPUT (Pizzas)200180160On the following graph, plot Allyah's production function using the green points (triangle symbol).Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.Hint: Be sure to plot the first point at (0, 0).14012010080604020+0200180160140120100ВО60Suppose that Allyah's only variable cost is labor. Assume that Allyah faces daily fixed costs of $20 and pays all workers the same dally wage of $30.400Use the orange points (square symbol) to plot Allyah's total cost curve on the following graph using the quantities from the preceding table.200001-232045O True060100130150160FalseLABOR (Number of workers)56040302010Production Function40 60 80 100 120 140 160 180 200QUANTITY OF OUTPUT (Pizzas)(?)-0-Total CostTrue or False: The shape of the production function reflects the law of increasing marginal returns.

Inputs are resources that are used in the production of goods and services. In the short run, some…

Aliyah's Pizzas is a takeout-only pizza parlor servicing the college campus of Madison that specializes in vegan pizzas. Allyah's small shop has barely enough room for customers to stand and wait, let alone the four pizza ovens necessary to keep up with the hungry student customers. Allyah signed a lease renting both the four ovens and the storefront for the next year. Due to the terms of the lease and the building's size constraint, Allyah is unable to change the store's number of pizza ovens in the short run.

Aliyah's Pizzas is a takeout-only pizza parlor servicing the college campus of Madison that specializes in vegan pizzas. Allyah's small shop has barely enough room for customers to stand and wait, let alone the four pizza ovens necessary to keep up with the hungry student customers. Allyah signed a lease renting both the four ovens and the storefront for the next year. Due to the terms of the lease and the building's size constraint, Allyah is unable to change the store's number of pizza ovens in the short run.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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