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)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.3P

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Question

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
5
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)

2. Inputs and outputs
Teresa'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 four
ovens 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 the
short 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 are
inputs, and the
ovens are
inputs.
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.
Labor
Output
Marginal Product of Labor
(Number of workers)
(Pizzas)
(Pizzas)
1
100
2
180
3
240
4
280
300

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