On the fallowing graph, plat Charies's production function using the green paints (triangle symbol).Note: Plot your paints in the arder in which you would ike them connected. Line segments will connect the points automatically.Hint: Be sure to plot the frst point at (0, 0).300Produdtion Function240210180150120LABOR (Number of workers)Suppose that labor is Charles's only variable cost and that he has a fixed cost of $50 per day and pays each of his workers $40 per day.Use the orange paints (square symbal) to plat Charies's total cost curve an the following graph using the quantities from the preceding table.270Total Cost2402101501203030 00 20 120 150 1O 210 240 270 300QUANTITY OF OUTPUT (Piznas)The law of diminishing marginal product of labor is demonstrated by which of the following?O Total output increases only when you increase both labor and ovens.O Total output increases at a decreasing rate as you increase the quantity of labor.O Total output declines as you increase the quantity of labor.(a indino JO ALLINVNOTOTAL COST (Dolan) Charles's Performance Pizza is a small restaurant in Houston that sells gluten-free pizzas. Charles's very tiny kitchen has barely enough room for thetwo ovens in which his workers bake the pizzas. Charles signed a lease obligating him to pay the rent for the two ovens for the next year. Because ofthis, and because Charles's kitchen cannot fit more than two ovens, Charles cannot change the number of ovens he uses in his production of pizzas inthe short run.However, Charles's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday,Charles lets them know how many workers he needs for each day of the week. In the short run, these workers are variable v inputs, and theovens are fixedinputs.Charles's daily production schedule is presented in the following table.Fill in the blanks to complete the Marginal Product of Labor column for each worker.LaborOutputMarginal Product of Labor(Number of workers) (Pizzas)(Pizzas)11002180324042805300

The marginal product of labor (MPL) can be defined as a yield that outcomes from utilizing an…

Charles's Performance Pizza is a small restaurant in Houston that sells gluten-free pizzas. Charles's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Charles signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Charles's kitchen cannot fit more than two ovens, Charles cannot change the number of ovens he uses in his production of pizzas in the short run. However, Charles's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Charles lets them know how many workers he needs for each day of the week. In the short run, these workers are variable v inputs, and the ovens are fixed v inputs. Charles's daily production schedule is presented in the following table.

Charles's Performance Pizza is a small restaurant in Houston that sells gluten-free pizzas. Charles's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Charles signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Charles's kitchen cannot fit more than two ovens, Charles cannot change the number of ovens he uses in his production of pizzas in the short run. However, Charles's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Charles lets them know how many workers he needs for each day of the week. In the short run, these workers are variable v inputs, and the ovens are fixed v inputs. Charles's daily production schedule is presented in the following table.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter5: Investment Decisions: Look Ahead And Reason Back

Section: Chapter Questions

Problem 5.6IP

See similar textbooks

Similar questions

Poornima's Performance Pizza is a small restaurant in San Francisco that sells gluten-free pizzas. Poornima's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Poornima signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Poornima's kitchen cannot fit more than three ovens, Poornima cannot change the number of ovens she uses in her production of pizzas in the short run. However, Poornima's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Poornima lets them know how many workers she needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Poornima's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor…
Monique has a flock of six chickens in her backyard that she initially bought for $6 each. Theflock currently lays 20 eggs per week, which Monique and her family consume at home, andher current cost of feed is $2 per week. Monique has a job that pays $8/hour with flexiblehours, but she is thinking of selling her chickens’ eggs to earn extra income. To start sellingeggs, she would need to increase production to 30 eggs per week. She can do this by increasingthe chickens’ feed to $3 per week and taking an hour off work each week to devote to chickenrearing. If the market price of her farm-fresh eggs is $1 per egg, what would be Monique’sweekly economic profits from selling her chickens’ eggs? (Select one from below) (a) −$9: This is her revenue minus her accounting cost.(b) −$1: This is her revenue minus her production cost.(c) $0: Eggs are a constant-cost market so producers must earn 0 profits.(d) $1: This is her revenue minus her economic cost.(e) $7: This is her revenue minus her…
Please help
According to PfizerLipitorMonopoly: it will benefit O Benefit managers and consumers O Pfizer only O Pfizer and consumers O Pfizer and benefit managers.
A woman complained to “Dear Abby” that a laundry charged $1.25 each to launder and press her husband’s shirts, but for her shirts—the same description, only smaller—the laundry charged $3.50. When asked why, the owner said, “Women’s blouses cost more.” Abby suggested sending all the shirts in one bundle and enclosing a note saying, “There are no blouses here—these are all shirts.” Is the laundry practicing price discrimination, or is there really a $2.25 difference in cost? Assuming the laundry is engaging in price discrimination, why do men pay the lower price and women the higher? Could the laundry continue to separate markets if people followed Abby’s advice? What about the policing costs associated with separating the markets?
Suppose that your friend operates a pizza restaurant in the building he owns. Similar buildings in the neighborhood rent for $4,000 per month. He is considering selling the building and renting space in the suburbs for $3,000 a month, but he decides not take the move. He reasons: “ I would like to have a restaurant in the suburbs, but I pay no rent for my restaurant now, I do not want to see my costs rise by $3,000 per month”. What do you think about his reasoning? Is his reasoning correct?
Only typed answer
The following graph shows the daily demand curve for bippitybops in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per bippitybop) 240 220 200 180 160 140 120 100 80 8 60 40 20 0 mớ H + 0 9 18 27 36 45 54 63 72 81 QUANTITY (Bippitybops per day) * Demand 90 B 99 108 Total Revenue (?)
Happy Go Lucky Electric Company is the only company providing electric power to the city of Go Lucky. The accompanying graph depicts their marginal costs (MC), total costs (ATC), demand (D), and marginal average t revenue (MR). Move point E to the firm's profit maximizing price and quantity. At the profit maximizing point, what is Happy Go Lucky level of profit? 0 $150 $90 -$30 Price and Costs ($/unit) 10 9 8 7 6 10 4 3 2 1 0 0 5 10 15 20 25 30 35 MR MC 0 ATC D 40 45 50
Only typed answer
Amy wants to open a coffee shop and has already rented a coffee retail space on Bloor Street, signing a lease for three months, which includes her expresso-making equipment. The rent is $900 per week and the wage for barristas is $16 per hour. Amy can legally keep her shop open up to 100 hours a week. The number of expresso drinks q Amy’s barristas can make in an hour given the capital on hand, and assuming she doesn’t run out of beans or cups, is given by q = 15L.5 where L is the number of barristas currently working. Amy can provide 50 hours of barrista labor herself instead of hiring a worker if she wants to reduce labor costs, and she could also work 50 hours a week running the coffee shop across the street for $25 an hour. The typical price of an expresso drink is $7, which Amy takes as given since there are many other coffee shops in the neighborhood. The cost of the materials M (cups, beans, and milk) that go into each drink sold is $2.50, and Amy’s coffee bean and cups…
Economics In the late 1990s, Starbucks hired the Environmental Defense Fund to help it determine how best to reduce the amount of paper waste it was generating because of customers demanding two cups to hold the hot coffee. The Environmental Defense Fund determined that the best way to eliminate the need for the second cup was to provide customers with a paper sleeve that went around the outside of a cup. This innovation reduced the amount of paper cups being used by Starbucks by 50 percent, saved the company tens of thousands of dollars by reducing the amount of cups they needed, and improving their environmental image. This is an example of: a. monitoring b. eco-consumerism C. consumer boycott d. corporate partnership / project collaboration e. private stewardship regime