Servings |
Total Workers |
1 |
0.75 |
2 |
1.58 |
3 |
2.48 |
4 |
3.48 |
5 |
4.58 |
6 |
5.79 |
7 |
7.12 |
8 |
8.58 |
9 |
10.18 |
10 |
11.95 |
serving |
MU Duck |
1 |
$45.00 |
2 |
$42.75 |
3 |
$40.61 |
4 |
$38.58 |
5 |
$36.65 |
6 |
$34.82 |
7 |
$33.08 |
8 |
$31.43 |
9 |
$29.85 |
10 |
$28.36 |
ANSWER:
Summarized the information and data provided in the question; Beyoncé uses equipment that she rents for $1000 and ingredients that cost $9.95 a serving for the first 6 servings- - - - - - -
1) Marginal Productivity of Labor is going down as more and more workers are added as is depicted by the graph attached. Clearly, more additional workers are required to produce more serving as the production increases.
2)Marginal Cost curve has a upward slope as Marginal Productivity of Labor(MPL) is lower as production increases. Hence, more additonal cost incurred as more servings are produced. As long as MPL decreases with increase in production, the MC curve will have slope upwards, as is evident from the data provided. Ideally, if the production is expanded beyond the data provided (10 servings), the MC curve should flatten and then slope downwards as the production achieves economies of scale.
3) As an employer, We want higher labor producitivty(lower costs) and higher profits, so the second scenario is preferred. As an employee, Higher wages is demanded, so the second scenario is preferred. As a society (the social welfare), it is the result of benefits gained by the employer and employee as a whole, and aims to increase the efficiency of the inputs used to produce outputs. So the second scenario one with higher productivity is preferred.
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(5 points) Production. Beyoncé uses equipment that she rents for $1000 and ingredients that cost $9.95...
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