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PLEASE READ CAREFULLY AND ANSWERS MUST BE CLEAR TO READ! FOR THE ORANGE POINTS PLEASE LIST ALL THE POINTS! THANKS!!

Andrews daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Output Marginal Product of Labor Number of Workers (Pizzas) (Pizzas) 60 100 130 60 40 30 120 10 2 4 160

Suppose that labor is Andrews only variable cost and that he has a fixed cost of $20 per day and pays each of his workers $30 per day Use the orange points (square symbol) to plot Andrews total cost curve on the following graph using the quantities from the preceding table 200 180 Total Cost 160 140 ㆆ 120 r1 cD 100 80 40 20 0 20 40 0 100 20 140 10 180 200 QUANTITY OF OUTPUT (Pizzas)

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Answer #1

Workers are variable inputs and the ovens are fixed inputs.

L Q MPL TC
0 0 20
1 60 60 50
2 100 40 80
3 130 30 110
4 150 20 140
5 160 10 170

TC = 30 x L + 20


Production Function 180 160 140 120 100 Production Function 80 60 40 20 0 6 5 4 2 1 Labour Quantity O

Total Cost 180 160 140 120 100 80 Total Cost 60 40 20 0 20 40 60 140 160 C 80 100 120 180 Quantity Total Cost

The statement is false (law of decreasing marginal returns)

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