MP of second labor = 15 - 10 = 5
VMP of second labor = 5 * 5 = 25
Third option is correct answer
4 pts Question 7 Production data for Joe's Pizza Parlor are listed in the table below....
Question 51 3.75 pts Exhibit 7-1 Production of pizza data Workers Pizzas 10 0 1 4 2 10 3 15 4 18 15 19 Exhibit 7-1 shows the change in the production of pizzas as more workers are hired, The marginal product of the second employee equals: 14. 10. 15.
Hailey owns a pizzeria, employs 10 workers, and pays them $17.50 per hour. She sells each pizza for $15. If Hailey is maximizing profits, the value of the marginal product (VMP) for the last worker hired is $ . The last worker hired has a marginal product of pizzas.
Recall the production function, to maximize profit, a producer should make sure that the real wage of a worker should be equal to his or her marginal product of labor (MPL). Number of labor Total output /h Number of labor Total output 1 10 pizzas 4 29 pizzas 2 18 pizzas 5 32 pizzas 3 24 pizzas 6 30 pizzas Suppose the MPL of workers in a pizza shop as above. The table shows the total output of pizzas made...
The following table shows the daily production schedule at Hilary's Pizza Joint Complete the table by computing the marginal product for each worker, Labor (Number of workers) Total Output (Pizzas per day) Marginal Product о w мн a un o o o o
Exhibit 6-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15 4 18 5 19 Exhibit 6-1 shows the change in the short-run production of pizzas as more workers are hired. The table shows the marginal product of the labor input is decreasing with the hiring of the third worker. A possible reason for this diminishing marginal product is: a. increased division of labor as additional workers are hired. b. increases in plant size. c....
Homework (Ch 13) Bob's Performance Pizza is a small restaurant in New York City that sells gluten free pizzas. Bob's very tiny kitchen has barely enough room for the four ovens in which his workers bake the pizzas. Bob signed a lease obligating him to pay the rent for the four ovens for the next year. Because of this, and because Bob's kitchen cannot fit more than four ovens, Bob cannot change the number of ovens he uses in his...
8. Inputs and outputs Clancy's Performance Pizza is a small restaurant in Houston that sells gluten-free pizzas. Clancy's very tiny kitchen has barely enough room for the three ovens in which his workers bake the pizzas. Clancy signed a lease obligating him to pay the rent for the three ovens for the next year. Because of this, and because Clancy's kitchen cannot fit more than three ovens, Clancy cannot change the number of ovens he uses in his production of...
Assessment 84 Spring 2019 Microeconomics 13. The following table describes the production function for a firm per pizza is $10. Number of workers (N) Total Physical Product (TPP) 12 14 15 If the going wage is $10 per hour. Politicians, however, are considering enacting a minimum wage in this market. If a minimum wage is passed making the wage rate rise to $30 per hour, how many workers are laid off? a. 1 worker b. 2 workers c. 3 workers...
This Question: 1 pt 41 of 60 (36 complete) This Test: 60 pts possib Kaiser's Ice Cream Parlor produces smoothies. The market for smoothies is perfectly competitive, and the price is $4.00 a smoothie. The labor market is competitive, and the wage rate is $96.00 a day. The table shows part of the workers total product schedule. Calculate the marginal product of hiring the fourth worker and the value of the marginal product of the fourth worker. The marginal product...
Juanita's Performance Pizza is a small restaurant in Denver that sells gluten-free pizzas. Juanita's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Juanita signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Juanita's kitchen cannot fit more than three ovens, Juanita cannot change the number of ovens she uses in her production of pizzas in the short...