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Microeconomics A Contemporary Intro

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter12: Labor Markets And Labor Unions

Section: Chapter Questions

Problem 2QFR

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Question

Use the information in the table to address this question. If each worker is paid $1,000 and each
output sells for $4, how many workers should the firm hire to maximize profits?
Number of Workers Total Output
Marginal Product
0
1
1,000
2
1,700
3
2,200
4
2,400
5
2,500
4 workers
2 workers
3 workers
O
5 workers

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Question 6
Use the table to answer the question.
A restaurant hires cooks and waiters. Cooks earn $10 an hour; waiters earn $5 an hour. The manager, who wants to maximize the number of meals served given a fixed payroll of $45 per hour, expects the following from cooks and waiters: Number of employees Total number of meals served Cooks Waiters 1 200 120 2 380 230 3 540 310 4 660 360 5 740 390 Given the information in the table, and given the fixed payroll, the maximum number of meals that can be served is____

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