Homework Answers
Question 5. Total cost of 1099 pizza = ATC * Q = 9.38*1099 = 10308.62 or 10309
Question 6. We find MC from the table by using the total cost schedule. We see that when price is 8.35, MC is 8.35 at 1217 pizzas. Hence the correct choice is option E
| Labor | Quantity | ATC in long run | Total cost in long run | Marginal cost |
| 1 | 116 | 16.3 | 1890.8 | 16.3 |
| 2 | 290 | 11.97 | 3471.3 | 9.08 |
| 3 | 497 | 10.58 | 5258.26 | 8.63 |
| 4 | 717 | 9.93 | 7119.81 | 8.46 |
| 5 | 925 | 9.58 | 8861.5 | 8.37 |
| 6 | 1099 | 9.38 | 10308.62 | 8.32 |
| 7 | 1217 | 9.28 | 11293.76 | 8.35 |
| 8 | 1254 | 9.26 | 11612.04 | 8.60 |
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Carla's Pizza, a small pizzeria operating in a competitive market. Its short-run production function for the current pl...
Carla's Pizza, a small pizzeria operating in a competitive market. Its short-run production function for the...
Carla's Pizza, a small pizzeria operating in a competitive market. Its short-run production function for the current plant is shown below. Carla's plant costs her $500 per week, her weekly labor cost is $400 per worker, and the cost of ingredients is $7 per pizza. Carla is considering expanding her plant. The average total costs for the larger plant are shown below. In the scenario above, if Carla's produces 925 pizzas per week using the current plant, what is its...
Carla’s Pizza, a small pizzeria operating in a competitive market. Its short-run production function for the...
Carla’s Pizza, a small pizzeria operating in a competitive
market. Its short-run production function for the current plant is
shown below. Carla's plant costs her $500 per week, her weekly
labor cost is $400 per worker, and the cost of ingredients is $7
per pizza. Carla is considering expanding her plant. The average
total costs for the larger plant are shown below
a) In the scenario above, if Carla’s produces 925 pizzas per
week using the current plant, what is...
Carla’s Pizza, a small pizzeria operating in a competitive market. Its short-run production function for the current pla...
Carla’s Pizza, a small pizzeria operating in a competitive
market. Its short-run production function for the current plant is
shown below. Carla's plant costs her $500 per week, her weekly
labor cost is $400 per worker, and the cost of ingredients is $7
per pizza. Carla is considering expanding her plant. The average
total costs for the larger plant are shown below.
In the scenario above, if Carla’s produces 497 pizzas per week,
what is its long-run average cost ($)?...
Carla’s pizza Carla’s Pizza, a small pizzeria operating in a competitive market. Its short-run production function...
Carla’s pizza
Carla’s Pizza, a small pizzeria operating in a competitive
market. Its short-run production function for the current plant is
shown below. Carla's plant costs her $500 per week, her weekly
labor cost is $400 per worker, and the cost of ingredients is $7
per pizza. Carla is considering expanding her plant. The average
total costs for the larger plant are shown below.
In the scenario above, if Carla’s produces 925 pizzas per week
using the current plant, what...
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below....
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of laboris $450 per worker, its plant costs $700 per week, and the ingredients used to make pizza cost $6 per pie. Labor Total product (weekly workers) (pizzas per week) 52 2 172 3 341 4 536 5 738 924 1,075 8 1,168 9 1,184 Question 6 Homework . Unanswered In the scenario above, suppose Benvenuto currently produces 438 pizzas per...
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below....
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of laboris $450 per worker, its plant costs $700 per week, and the ingredients used to make pizza cost $6 per pie. Labor Total product (weekly workers) (pizzas per week) 52 172 1 3 341 536 738 924 1,075 1,168 1,184 8 Question 1 Homework. Unanswered In the scenario above, if Benvenuto produces 1,168 pizzas, what is its total fixed cost...
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below....
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of labor is $450 per worker, and its cost of the ingredients used to make pizza is $6 per pie. The going market price of pizza is $9 per pie. Total product (weekly workers)(pizzas per week) Labor 52 1 172 2 33 341 4 536 5 738 6 924 7 1,075 8 1,168 9 1,184 Question 9 Homework Unanswered . In...
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below....
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of labor is $450 per worker, its plant costs $700 per week, and the ingredients used to make pizza cost $6 per pie. Labor (weekly workers) Total product (pizzas per week) 1 52 172 341 4 536 738 6 924 7 1,075 8 1,168 1,184 In the scenario above, when Benvenuto produces 1,168 pizzas, what is its average total cost ($)?
Bongiorno’s is a pizzeria operating in a competitive market. Its short-run production function is shown below....
Bongiorno’s is a pizzeria operating in a competitive market. Its
short-run production function is shown below. Bongiorno’s weekly
cost of capital (plant) is $750, its cost of labor is $320 per
worker, and its cost of the pizza ingredients is $6 per pie. The
going market price of pizza is $13 per pie.
A) In the scenario above, when Bongiorno’s hires a fourth
worker, what is the marginal product of labor?
B) In the scenario above, if Bongiorno’s hires a...
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below....
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of labor is $450 per worker, and its cost of the ingredients used to make pizza is $6 per pie. The going market price of pizza is $9 per pie. Labor Total product (weekly workers) (pizzas per week) 52 OWN 172 341 536 738 924 1,075 1,168 1,184 In the scenario above, when Benvenuto hires a third worker, what is the...
Carla's Pizza, a small pizzeria operating in a competitive market. Its short-run production function for the current plant is shown below. Carla's plant costs her $500 per week, her weekly labor cost is $400 per worker, and the cost of ingredients is $7 per pizza. Carla is considering expanding her plant. The average total costs for the larger plant are shown below. In the scenario above, if Carla's produces 925 pizzas per week using the current plant, what is its...
Carla’s Pizza, a small pizzeria operating in a competitive
market. Its short-run production function for the current plant is
shown below. Carla's plant costs her $500 per week, her weekly
labor cost is $400 per worker, and the cost of ingredients is $7
per pizza. Carla is considering expanding her plant. The average
total costs for the larger plant are shown below
a) In the scenario above, if Carla’s produces 925 pizzas per
week using the current plant, what is...
Carla’s Pizza, a small pizzeria operating in a competitive
market. Its short-run production function for the current plant is
shown below. Carla's plant costs her $500 per week, her weekly
labor cost is $400 per worker, and the cost of ingredients is $7
per pizza. Carla is considering expanding her plant. The average
total costs for the larger plant are shown below.
In the scenario above, if Carla’s produces 497 pizzas per week,
what is its long-run average cost ($)?...
Carla’s pizza
Carla’s Pizza, a small pizzeria operating in a competitive
market. Its short-run production function for the current plant is
shown below. Carla's plant costs her $500 per week, her weekly
labor cost is $400 per worker, and the cost of ingredients is $7
per pizza. Carla is considering expanding her plant. The average
total costs for the larger plant are shown below.
In the scenario above, if Carla’s produces 925 pizzas per week
using the current plant, what...
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of laboris $450 per worker, its plant costs $700 per week, and the ingredients used to make pizza cost $6 per pie. Labor Total product (weekly workers) (pizzas per week) 52 2 172 3 341 4 536 5 738 924 1,075 8 1,168 9 1,184 Question 6 Homework . Unanswered In the scenario above, suppose Benvenuto currently produces 438 pizzas per...
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of laboris $450 per worker, its plant costs $700 per week, and the ingredients used to make pizza cost $6 per pie. Labor Total product (weekly workers) (pizzas per week) 52 172 1 3 341 536 738 924 1,075 1,168 1,184 8 Question 1 Homework. Unanswered In the scenario above, if Benvenuto produces 1,168 pizzas, what is its total fixed cost...
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of labor is $450 per worker, and its cost of the ingredients used to make pizza is $6 per pie. The going market price of pizza is $9 per pie. Total product (weekly workers)(pizzas per week) Labor 52 1 172 2 33 341 4 536 5 738 6 924 7 1,075 8 1,168 9 1,184 Question 9 Homework Unanswered . In...
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of labor is $450 per worker, its plant costs $700 per week, and the ingredients used to make pizza cost $6 per pie. Labor (weekly workers) Total product (pizzas per week) 1 52 172 341 4 536 738 6 924 7 1,075 8 1,168 1,184 In the scenario above, when Benvenuto produces 1,168 pizzas, what is its average total cost ($)?
Bongiorno’s is a pizzeria operating in a competitive market. Its
short-run production function is shown below. Bongiorno’s weekly
cost of capital (plant) is $750, its cost of labor is $320 per
worker, and its cost of the pizza ingredients is $6 per pie. The
going market price of pizza is $13 per pie.
A) In the scenario above, when Bongiorno’s hires a fourth
worker, what is the marginal product of labor?
B) In the scenario above, if Bongiorno’s hires a...
Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of labor is $450 per worker, and its cost of the ingredients used to make pizza is $6 per pie. The going market price of pizza is $9 per pie. Labor Total product (weekly workers) (pizzas per week) 52 OWN 172 341 536 738 924 1,075 1,168 1,184 In the scenario above, when Benvenuto hires a third worker, what is the...
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