Consider a businesswoman that owns three different coffee shops (Arabic Alley, Barista Bar, and Coffee Café) with production functions shown Given this information, fill in the blanks in the table below. Workers 0 1 2 3 4 Total Product Arabica Alley 0 100 130 140 140 MPL Arabica Alley Total Product Barista Bar 0 20 40 60 80 MPL Barista Bar Total Product Coffee Cafe 0 40 70 100 110 MPL Coffee Café Suppose there are 8 workers available and the businesswoman's goal is to maximize total coffee production. Using this information, she should assign workers to Arabica Alley. workers to Barista Bar, and workers to Barista Bar, and workers to Coffee Café. Total coffee production will be Suppose the businesswoman believes in letting the labor market help in achieving optimal outcomes. Again, there are 8 eager workers (i.e. supply of labor is fixed at 8). The equilibrium wage she will set would be ▼ At this wage the total production of coffee would the amount you found in the previous question. cups of coffee.

Consider a businesswoman that owns three different coffee shops (Arabic Alley, Barista Bar, and Coffee Café) with production functions shown Given this information, fill in the blanks in the table below. Workers 0 1 2 3 4 Total Product Arabica Alley 0 100 130 140 140 MPL Arabica Alley Total Product Barista Bar 0 20 40 60 80 MPL Barista Bar Total Product Coffee Cafe 0 40 70 100 110 MPL Coffee Café Suppose there are 8 workers available and the businesswoman's goal is to maximize total coffee production. Using this information, she should assign workers to Arabica Alley. workers to Barista Bar, and workers to Barista Bar, and workers to Coffee Café. Total coffee production will be Suppose the businesswoman believes in letting the labor market help in achieving optimal outcomes. Again, there are 8 eager workers (i.e. supply of labor is fixed at 8). The equilibrium wage she will set would be ▼ At this wage the total production of coffee would the amount you found in the previous question. cups of coffee.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Quantities Produced 225 220 215 210 205 200 195 190 185 180 175 170 165 160 155 150 145 140 135 130 125 120 115 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40 35 30 0 1 2 3 Number of Workers units of output. productivity. The graph above shows the relationship between the daily quantities of a good produced by a small firm and the number of workers hired, given all the other resources available to the firm. For example, one worker can produce 30 units and two workers can produce 55 units. Such a relationship between a production factor (here labor) and the amount of output produced is called a production function. Currently the nominal wage rate is W = $200 per worker per day and the price of the product is P = $10 per unit. Of the amount of increase in production noted above, 4 Now suppose that the firm installs some new machines and offers the workers some rigorous training and as a result the productivity of the workers increases. In particular, the marginal product of each worker…
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Suppose that Maria is starting a food ordering and delivery company. Customers order meals online. Employees prepare the meals and deliver them to customers. Maintenance of the online platform for ordering meals costs the company $5 per day. The company also rents space where orders are prepared. Rent costs $50 per day. To make the deliveries, the business also rents two delivery cars that cost $10 each per day. The costs of ingredients for preparing different numbers of meals are provided in the table below. Maria also has to hire between 0 and 10 workers (depending on the number of meals she chooses to make) to buy ingredients, prepare meals, and deliver the orders. She will pay each employee $120 per day. The first two columns of the table below show how many meals different number of workers can prepare and deliver. Price per meal $50 Workers (Labor L) 0 1 2 3 4 5 6 7 8 9 10 Meals (Output Q) ol- 30 42 52 60 67 73 79 85 90 95 MPL FC Cost of ingredients $10 $75 $100 $121 $138 $152…
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The table below shows data for the production of Avocados for an individual firm. Number of workers Number of Avocados 0 0 1 70 2 126 3 168 4 196 5 210 Given this data, what is the marginal product of labor when quantity increases from 1 by one unit?
Eva runs a small bakery in the village of Roggerli. She is debating whether she should extend her hours of operation. Eva figures that her sales revenue will depend on the number of additional hours the bakery is open as shown in the table above. She would have to hire a worker for those hours at a wage rate of $12 per hour. Refer to Table 1-1. Using marginal analysis, how many hours should Eva extend her bakery's hours of operations? 2 hours 3 hours 4 hours 5 hours
2. Inputs and outputs Bob's Performance Pizza is a small restaurant in Chicago that sells gluten-free pizzas. Bob's very tiny kitchen has barely enough room for the three ovens in which his workers bake the pizzas. Bob signed a lease obligating him to pay the rent for the three ovens for the next year. Because of this, and because Bob's kitchen cannot fit more than three ovens, Bob cannot change the number of ovens he uses in his production of pizzas in the short run. However, Bob's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Bob lets them know how many workers he needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Bob'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 (Pizzas) Marginal Product of Labor (Pizzas) (Number of workers) 0 70 2 120 3 160…