1. Computing labor productivity and its relationship to the demandfor laborSizzler's produces charcoal grills in a small manufacturing facility and sells the grills in a competitive market. The following table presents thecompany's production function:Labor(Number of workers)0OUTPUT (Grills)400360320280Use the blue points (circle symbol) to plot the production function for Sizzler's on the following graph.240200160120804001023451Output(Grills)09518526032035523LABOR (Number of workers)45Production Function(?)Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circlesymbol). Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of thefirst worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect thepoints.MPL (Grills per worker)10090A7060508A2010DWAGE (Dolars per worker)150The following graph shows the demand for labor for three different prices per grill:1351201058430115DONLABOR (Number of workers)M10OD☐BD3LABOR (Number of workers)LMPLO~~~Given the company's marginal product of labor curve shown on the second graph, line on this graph shows Sizzler's demand for labor when theprice of a grill is $0.50, and line shows Sizzler's demand for labor when the price of a grill is $1.50.

Marginal revenue product of labor measures the change in a firm's revenue due to using additional…

Answered: Sizzler's produces charcoal grills in a…

Sizzler's produces charcoal grills in a small manufacturing facility and sells the grills in a competitive market. The following table presents the company's production function:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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