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).300270Production Function24021018015012090603012345LABOR (Number of workers)Suppose that labor is Teresa's only variable cost and that she has a fixed cost of $50 per day and pays each of her workers $40 per day.QUANTITY OF OUTPUT (Pizzas) 2. Inputs and outputsTeresa's Performance Pizza is a small restaurant in Dallas that sells gluten-free pizzas. Teresa's very tiny kitchen has barely enough room for the fourovens in which her workers bake the pizzas. Teresa signed a lease obligating her to pay the rent for the four ovens for the next year. Because of this,and because Teresa's kitchen cannot fit more than four ovens, Teresa cannot change the number of ovens she uses in her production of pizzas in theshort run.However, Teresa's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday,Teresa lets them know how many workers she needs for each day of the week. In the short run, these workers areinputs, and theovens areinputs.Teresa'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)1100218032404280300

Labor Output Marginal product of labour Fixed cost Variable cost Total cost 0 0 0 50 40…

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). 300 270 Production Function 240 210 180 150 120 90 60 30 1 2 3 4 LABOR (Number of workers) Suppose that labor is Teresa's only variable cost and that she has a fixed cost of $50 per day and pays each of her workers $40 per day QUANTITY OF OUTPUT (Pizzas)

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). 300 270 Production Function 240 210 180 150 120 90 60 30 1 2 3 4 LABOR (Number of workers) Suppose that labor is Teresa's only variable cost and that she has a fixed cost of $50 per day and pays each of her workers $40 per day QUANTITY OF OUTPUT (Pizzas)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q9 please help fast! All info is there Suppose that the firm has production function F(L,M) = 4L1/2M1/2 (where L is the number of workers and M is that of machines) and currently uses 16 machines. To produce 32 units of output, how many workers does the firm need to hire?
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Exercise: If the fixed Input capital Is K* = 3 and the variable input of labor is from 0 by 2's to 20; and output Is from 0 for 0 labor, 76 for 2 laborers – from 76 Increase for every 25% of output starting for 4 laborers to 20 laborers. Find the change in labor, output, marginal product of labor and average product of labor. Show it in a table. Number of Labor (L) (1) (2) DL Change in Labor (3) (4) Total product or Output (Q) (5) (6) Average product (AP=Q/L) (8) Marginal product (MP-=DQ/DL) (9) (10)
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Consider the followng production function: 1 2 9 = x?x where x, and x, measure the employed quantities of input #1 and input #2, respectively. (a) Solve for and graph this firm's isoquant at q isoquant. 10. Please label three points along this (b) Does this production function exhibit increasing, decreasing, or constant returns to scale? Explain. Please corroborate your answer using a set of isoquants when the quantity of both imputs gets doubled. Note: Be sure to plot x2 along the y-axis.
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