Answered: Sheet Metal-Forming Machines Workers…

Sheet Metal-Forming Machines Workers Number of Panels Produced 5 0 5 1 600 5 2 1,000 3 1,290 4 1,480 5 5 1.600 5 6 1,680

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section26.1: Factor Markets

Problem 2ST

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Question

The A-1 Corporation supplies airplane manufacturers with preformed sheet metal panels that are used on the exterior of aircraft. Manufacturing these panels requires only five sheet metal–forming machines, which cost $500 each, and workers. These workers can be hired on an as-needed basis in the labor market at $9,000 each. Given the simplicity of the manufacturing process, the preformed sheet metal panel market is highly competitive. Therefore, the market price for one of A-1’s panels is $80. Based on the production data in the accompanying table, how many workers should A-1 hire to maximize its profits?

Sheet Metal-Forming
Machines
Workers
Number of
Panels Produced
5
0
5
1
600
5
2
1,000
3
1,290
4
1,480
5
5
1.600
5
6
1,680

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