Hailey owns a pizzeria, employs 10 workers, and pays them $17.50 per hour. She sells each pizza for $15. If Hailey is...
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.
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Hailey owns a pizzeria, employs 10 workers,
and pays them $17.50 per hour. She sells each pizza
for $15.
If Hailey is...
Katie owns a cake bakery, employs 10 workers, and pays them $15 per hour. She sells...
Katie owns a cake bakery, employs 10 workers, and pays them $15 per hour. She sells each cake for $15. If Katie 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 ________ cakes. (If your answer is not a whole number, carry your answer to two decimal places.)
Frank Gunter owns an apple orchard. He employs 58 apple pickers and pays them $6 per...
Frank Gunter owns an apple orchard. He employs 58 apple pickers and pays them $6 per hour to pick apples, which he sells for $2.00 per box. If Frank is maximizing profits, what is the marginal revenue product of the last worker he hired? What is that worker's marginal product? Marginal revenue product of the last worker = $ per hour. (Enter your response as an integer.) Marginal product of the last worker = boxes per hour. (Enter your response...
4 pts Question 7 Production data for Joe's Pizza Parlor are listed in the table below....
4 pts Question 7 Production data for Joe's Pizza Parlor are listed in the table below. Joe sells his pizzas for $5 each, and the wage rate for pizza cooks is $15/hour. Number of Workers Pizzas Baked per Hour 20 What is the value of the Marginal Product (VMP) of the second worker? $15 520
Gino's Pizza shop hires workers in a competitive market to make pizza. The ingredients required to...
Gino's Pizza shop hires workers in a competitive market to make
pizza. The ingredients required to make each pizza cost $5. Daily
output at Gino's Pizza varies with the number of workers hired, as
shown in the table below:
If pizzas sell for $8 each, what is the value marginal product
for the 4th worker?
Select one:
a. $96 per day
b. $112 per day
c. $48 per day
d. $128 per day
Number of Pizzas/day workers 0 0 16...
Exhibit 6-1 Production of pizza data Workers Pizzas 0 0 1 4 2 10 3 15...
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....
Your enterprising uncle opens a sandwich shop that employs 6 people. The employees are paid $12...
Your enterprising uncle opens a sandwich shop that employs 6 people. The employees are paid $12 per hour, and a sandwich sells for $6. If your uncle is maximizing his profit, the value of the marginal product of the last worker he hired is *blank*, and that worker's marginal product is *blank* sandwiches per hour.
Pete’s pizzeria makes and sells pizza for $0.79. Each pizza costs $0.19 for materials. Labor to...
Pete’s pizzeria makes and sells pizza for $0.79. Each pizza costs $0.19 for materials. Labor to make and sell the pizza is $8.00 per person per hour or $64 a day (8-hour workday). Fixed costs for rent, utilities, etc. average $120 per day. A minimum of two workers (one to cook and one to sell) are needed. If the demand is more than 500, they need an additional person. In fact, each additional 500 units of demand require another person...
Homework (Ch 13) Bob's Performance Pizza is a small restaurant in New York City that sells...
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...
Juanita's Performance Pizza is a small restaurant in Denver that sells gluten-free pizzas. Juanita's very tiny...
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...
2. Inputs and outputs Dina's Performance Pizza is a small restaurant in Dallas that sells gluten-free...
2. Inputs and outputs Dina's Performance Pizza is a small restaurant in Dallas that sells gluten-free pizzas. Dina's very tiny kitchen has barely enough room for the two ovens in which her workers bake the pizzas. Dina signed a lease obligating her to pay the rent for the two ovens for the next year. Because of this, and because Dina's kitchen cannot fit more than two ovens, Dina cannot change the number of ovens she uses in her production of...
Frank Gunter owns an apple orchard. He employs 58 apple pickers and pays them $6 per hour to pick apples, which he sells for $2.00 per box. If Frank is maximizing profits, what is the marginal revenue product of the last worker he hired? What is that worker's marginal product? Marginal revenue product of the last worker = $ per hour. (Enter your response as an integer.) Marginal product of the last worker = boxes per hour. (Enter your response...
4 pts Question 7 Production data for Joe's Pizza Parlor are listed in the table below. Joe sells his pizzas for $5 each, and the wage rate for pizza cooks is $15/hour. Number of Workers Pizzas Baked per Hour 20 What is the value of the Marginal Product (VMP) of the second worker? $15 520
Gino's Pizza shop hires workers in a competitive market to make
pizza. The ingredients required to make each pizza cost $5. Daily
output at Gino's Pizza varies with the number of workers hired, as
shown in the table below:
If pizzas sell for $8 each, what is the value marginal product
for the 4th worker?
Select one:
a. $96 per day
b. $112 per day
c. $48 per day
d. $128 per day
Number of Pizzas/day workers 0 0 16...
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...
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...
2. Inputs and outputs Dina's Performance Pizza is a small restaurant in Dallas that sells gluten-free pizzas. Dina's very tiny kitchen has barely enough room for the two ovens in which her workers bake the pizzas. Dina signed a lease obligating her to pay the rent for the two ovens for the next year. Because of this, and because Dina's kitchen cannot fit more than two ovens, Dina cannot change the number of ovens she uses in her production of...
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