Answered: On the following graph, plot Poornima's…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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
(Number of workers)	(Pizzas)	(Pizzas)
0	0

1	60

2	100

3	130

4	150

5	160

On the following graph, plot Poornima'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).

Suppose that labor is Poornima's only variable cost and that she has a fixed cost of $20 per day and pays each of her workers $30 per day.

Use the orange points (square symbol) to plot Poornima's total cost curve on the following graph using the quantities from the preceding table.

True or False: The shape of the production function reflects the law of increasing marginal returns.

True

False

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Homework (Ch 13)
Use the orange points (square symbol) to plot Poornima's total cost curve on the following graph usıng the quantīties from the preceding table.
Courses
(?
O Catalog and Study Tools
A-Z
EE Rental Options
200
P College Success Tips
180
Total Cost
Career Success Tips
180
140
? Help
120
O Give Feedback
100
80
60
bongo
40
20
20
40
60
80
100
120
140
160
180
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QUANTITY OF OUTPUT (Pizzas)
12:42 PM
P Type here to search
L
100%
44°F
12/8/2021
TOTAL COST (Dollars)
x ...

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