4. The output of bakers at The Cheesecake Palace depends on the number of bakers employed. The factory sells its cheesecake in a cormpetitive product market at a price of P- $5. The daily wage of bakers is $600. Fill in the MP and MRP columns in the tablebelow:TotalBakersOutputMPMRP1500B601160414001560164016801610Question ADiminishirg marginal relurs begins with which worker?Question BHuw many bakers shuuld Lhe manager empluy lo maximize profils?Question CCakulale the lulal wage bill for the firm al Lhe prufil-rmaxirnizing oulpul level. $Question DHuw much prufil dues Lihe firm earn al he profil-maximizing oulpul level? $

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Answered: The output of bakers at The Cheesecake…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1
A Define "supply." 9.( The definition of supply is very similar to that of demand. Supply is a schedule which shows the various amounts of a product sellers are at each price in a series of possible prices during a specified period, other things being equal. Supply portrays relationship between ( related either in the table or in the (graph). ) and ( ) to produce and offer for sale ) and ( ), they are (directly, inversely) S Describe and give a reason for the law of supply. The law of supply indicates that producers will produce and sell (more, less ) of their product at a high price than at a low price. This means that there is a positive, negative ) relationship between price and quantity supplied. The basic explanation is that, given product costs, a higher price means greater profits and thus more incentive for business to increase the quantity supplied.
Each term (3 months) the current group of economics students completed a questionnaire as to how much they would spend on new purchases compared to how much they would save/pay off bills, if they suddenly and unexpectedly received a check for $1,000. The average MPC is shown in the table below. Month in which student poll was taken Average of students’ responses as MPC March 0.41 June 0.30 September 0.22 December 0.56 What do these MPC’s imply about the students’ thinking over the course of the year? (Enter response here.) What is likely happening in the economy during the same period of time?
1

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