The image contains instructions and two graphs related to plotting production and cost functions.**Instructions:**- Plot your points in the order you desire them to be connected. Line segments will connect the points automatically.- Start by plotting the first point at (0, 0).**First Graph: Production Function**- **Axes:** - X-axis: Labor (Number of workers), ranging from 0 to 5. - Y-axis: Quantity of Output (Pizzas), ranging from 0 to 300.This graph is intended to depict the production function, showing how output varies with the number of workers employed.**Scenario:**- Labor is Charles’s only variable cost.- Fixed cost is $50 per day.- Workers are paid $40 each per day.**Instructions for Second Graph:**- Use orange points (square symbols) to plot Charles's total cost curve using data from the preceding table.**Second Graph: Total Cost Curve**- **Axes:** - X-axis is not depicted in the provided fragment, but it is implied to measure labor or output correlated with the cost. - Y-axis: Total Cost (Dollars), ranging from 0 to 300.This graph is designed to illustrate how Charles's total costs change in relation to production.These visual aids help in understanding the relation between labor input, production output, and total costs involved. **Charles's Performance Pizza**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 inputs, and the ovens are fixed inputs.Charles’s daily production schedule is presented in the following table.**Table: Charles’s Daily Production Schedule**| Labor (Number of workers) | Output (Pizzas) | Marginal Product of Labor (Pizzas) ||---------------------------|-----------------|-----------------------------------|| 0 | 0 | || 1 | 100 | || 2 | 180 | || 3 | 240 | || 4 | 280 | || 5 | 300 | |*Fill in the blanks to complete the Marginal Product of Labor column for each worker.***Explanation of the Table:**- The table shows the number of workers (Labor) and the corresponding number of pizzas produced (Output).- The "Marginal Product of Labor" column is to be filled in based on the increase in the number of pizzas produced when an additional worker is hired.- For example, when the number of workers increases from 0 to 1, the output increases from 0 to 100 pizzas, so the marginal product of the first worker is 100 pizzas.Students are tasked with calculating and filling out the "Marginal Product of Labor" to better understand how labor impacts production in the short run.

Marginal product is a concept in economics that refers to the additional output or production that…

Answered: Production Function 40 10 50 20 3 LABOR…

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Economics

Production Function 40 10 50 20 3 LABOR (Number of workers) un

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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